Virginia · Code of VirginiaVirginia real estate closing laws: a checklist for transaction coordinators

Virginia's rules for a home sale come from several titles of the Code of Virginia. In the order a transaction meets them: a licensee needs a written brokerage agreement – with a definite termination date, the fee and the services – before providing brokerage services, including to a buyer (§54.1-2137). Before ratification, the owner gives the buyer the Real Estate Board's residential property disclosure statement, in which the owner makes no representations; if it comes late, the buyer may terminate within 3 days after delivery in person or electronically, or 5 days after the postmark (§§55.1-703, 55.1-709). In an HOA, condominium or cooperative, the seller must obtain the resale certificate from the association, and the buyer may cancel within 3 days after ratification or receipt unless the contract sets another period (§§55.1-2309, 55.1-2312). At recording, the state recordation tax is 25 cents per $100 and the seller's grantor tax 50 cents per $500 (§§58.1-801, 58.1-802). Under the Wet Settlement Act, the settlement agent exercises ordinary care to verify the seller's identity, then records and disburses within two business days, holding escrow money in a separate fiduciary trust account (§§55.1-902, 55.1-903, 55.1-1008). For rentals, the landlord notifies tenants of the sale with the buyer's contact details, and the owner when the tenancy ends must return the deposit (§§55.1-1216, 55.1-1226). After a death, a transfer on death deed recorded before death passes the home subject to liens and without warranty, and the owner stays free to sell during life (§§64.2-621–64.2-636).