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What happens after you RATIFY in Virginia - for Buyers

Updated: Dec 15, 2021


The seller has accepted the offer and both parties have agreed on the terms of the contract. You are excited!!! They are excited!! Celebrate for that evening but now we need to get to work!

Depending on what is on the agreement, it is important to note all the key dates.

  1. When is the Earnest Money Deposit (EMD) due?

  2. When do the contingencies expire?

  3. When is the close?

Our agents have a transaction coordinators who are DEDICATED to make sure that all the details do not go missed for your home purchase. So they will guide you along in addition to your agent. We will always be available to you. It is very important for you to keep track of the dates and read all the emails.

Ernest Money Deposit

  1. There are a several ways to make the transfer. Wire, Certified Check and depends on the title company, they may have an app that they use. Please TALK WITH THE TITLE COMPANY and confirm securely how you should make the transfer.

  2. Make sure you send off the EMD as soon as possible and confirm with the institution along the way. Some banks will want to talk to you verbally before they send the wire. Also keep in mind the deadline on the contract for EMD.

  3. If wiring, make sure you confirm with the title company VERBALLY if you ever receive an email saying that there was a change in their bank info. This way you avoid sending it to the wrong bank account

Home Insurance

  1. Please start looking for a home insurance. Call a several institutions/brokers if needed to see what you are looking for. The lender will need the information to finalize the loan.

Home Owners Association/ Condo documents Review

  1. If the home you purchased is part of an HOA or a Condo association, you will receive a set of documents for review. You have 3 business days to review the financials, rules and many other documents to decide if this will work with you and your family.

  2. This is a personal decision and though the agent can help you understand, ultimately it is up to the buyers to decide if the association rules and financials will work with you.


  1. The home purchase may be dependent on several contingencies. These may change depending on the situation and the market and the specific situation but these are normally what the buyers will encounter. A few commons are home inspection, financing and appraisal.

  2. For Home inspection, keep in mind that EVERY home will have issues, small and big. The negotiability of the items from the home inspection is based on the contract agreement, the market or the price you have agreed on. Home inspections ( and Radon tests) will need to be paid up front.

  3. Radon Test can be performed by the home inspectors. It takes a day for it to sit in the house then the Inspectors will need to come back after 24hours to pick it up. If the result of the radon test is unsatisfactory, you can also negotiate with the seller regarding the remediation.

  4. If you are paying cash, you will not need to worry about appraisal or financing contingency.

  5. Appraisal contingency is ordered by the lender. Appraisal is a third party's view on what the value of the home is based on recent sales. Lender will base the loan of your home on the appraised value of the home.

  6. Financing contingency is close to the closing date. Be sure to:

    1. NO BIG PURCHASE ON CREDIT such as a car, furniture and etc - Lenders will double check your credit right before closing date.

    2. Keep your job - Lenders will double check on your employment

    3. Do not apply for another credit card

    4. Do not let any institution check your credit

    5. Do not close any credit accounts.

Other things to note:

  1. Termite Inspection - For VA loan, sellers will pay for this and remediate

  2. Home Warranty - This is in addition to a home insurance. However it is not required but good to have on the first year of ownership in case anything does go wrong. There is a small deductible and based on the terms of the home warranty, you can get repair or replacement on covered items.

Once all the contingencies are satisfied, the lender will send you the documents with numbers that you can review a few days before the close. Make sure you follow the instructions from the lenders and title companies as the time is of essence. Northern VA real estate home purchase schedule is tight so everything must be done timely.

Congratulations again!!


Yon Chung has earned KW Luxury status as well as NVAR Top producer, Arlington Magazine Top Producer, Top Agent Network status. Yon Chung has been in real estate industry for 20 years investing in real estate. Yon Chung has a CPA (inactive) background. Yon Chung's clients take advantage of all her of her experiences as well as in depth knowledge in market, creating wealth and building a legacy.

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