Contract Accepted – now what?

Navigating the current competitive real estate market in Northern Virginia requires a strategic approach—especially as multiple offers and waived contingencies have become the norm for updated homes in highly sought-after neighborhoods.

But even after the excitement of having your offer accepted, the real journey is just beginning. What follows is a carefully coordinated series of steps and deadlines. These must be managed with precision to ensure a smooth closing and successful transfer of ownership.

While every contract is unique, the list below outlines the typical steps and contingencies associated with purchases made using the NVAR (Northern Virginia Association of Realtors) standard contract.

Contract Ratification Date

This is the official start date for all timelines. It marks the point when both parties have signed the contract, and the clock starts ticking toward closing.

Earnest Money Deposit (EMD)

Typically, due within 2–5 days of ratification, the EMD typically ranges from 1–3% of the purchase price and is deposited into an escrow account. This deposit shows your commitment and is credited toward your closing costs or down payment.

Apply with a Lender

You will need to apply with your selected lender as soon as possible – the contract typically has a time limit. This step includes submitting documentation, reviewing loan terms, and beginning the underwriting process. You’ll also receive a Loan Estimate to help you understand the financing breakdown.

Confirm Home Insurance Availability

Within 7 days, check that you can obtain homeowners insurance on the property. This is essential for financing and often reveals potential issues with insurability, especially for older homes or properties with prior claims. Flood insurance may also be required.

Check for Floodplain or Resource Protection Area (RPA)

Also, within the first week, determine if the property lies within a floodplain or designated RPA. Also, there are dam inundation zones in Northern Virginia. These zones can affect insurance costs, building rights, and future property use.

Schedule Home and Radon Inspections (If Applicable)

Typically completed within 7-10 days of ratification. The home inspection reveals structural or system concerns, while the radon inspection (radon is common in Northern Virginia) checks for unsafe gas levels, especially in basements or crawl spaces.

Additional Inspections (If Needed)

Based on initial findings, you may need to bring in specialists—such as structural engineers, chimney specialists, electricians, or roofers. These follow-ups should also occur within the same 10-day inspection window.

Order Title Work, Closing Coordination, and Survey

Initiate title work early to uncover any ownership, lien, or legal issues. A title company will also prepare settlement documentation. If desired or required, a survey can verify property boundaries and encroachments like fences and sheds (and even buildings.)

Review HOA/POA/Condo Resale Package (If Applicable)

If the property is part of a homeowners association (HOA) or condo, you typically have 3 days to review the resale disclosure package. This includes the rules, budget, reserve funds, and other important community details.

Appraisal Contingency (If Applicable)

Usually resolved within 3 weeks of ratification but depends on timeline in the contract. The lender will order a professional appraisal to ensure the home’s value matches or exceeds the purchase price. If the appraisal is low, renegotiation or other adjustments may be necessary.

Termite Inspection (If Applicable)

Typically done 1–2 weeks before closing. This is often required for certain loans (such as VA loans), and the seller is usually responsible for any treatment or damage repair.

Monitor Financing Progress

Stay in regular contact with your lender and provide any requested documentation promptly. Once all requirements are met, your lender will issue a “clear to close.”

Schedule Utility Switchover

Roughly 7 days before closing, arrange to transfer utilities (electric, gas, water, internet, etc.) into your name starting the day of closing or move-in.

Review the Closing Statement

1–5 days prior to closing, you’ll receive a final Closing Disclosure or Settlement Statement. This document outlines your final loan terms and costs. Review carefully, confirm wire instructions with the title company, and prepare certified funds or arrange a wire transfer.

Final Walkthrough

Conducted 1–3 days before settlement, the final walkthrough confirms the home’s condition has not changed and that any agreed-upon repairs have been completed.

Settlement (Closing Day)

Bring a government-issued photo ID and either a cashier’s check or confirmation of your wire transfer. At settlement, you’ll sign all loan and deed documents—and finally, receive the keys to your new home!

Congratulations!

Purchasing a home is a major milestone, and while the process can seem complex, having the right guidance makes all the difference. Rest assured, we’ll be here to walk you through every step from contract to closing.

Note: This article is intended for informational purposes only. Every transaction is different, and you should consult with an attorney or your real estate professional before making decisions based on this timeline.