Closing on a home is one of the most important hours of the entire buying process, and most buyers walk in with no real idea of what is about to happen. They have signed a contract, gotten loan approval, paid for inspections and appraisals, and waited weeks for everything to come together. Then they are handed a stack of papers an inch thick and asked to sign.
Here is what is actually happening in that room, and what to expect when you close on a Richmond home.
Before the Closing
A few days before closing, your closing agent will send you a Closing Disclosure. This is a five-page document required by federal law. It shows your loan terms, your monthly payment breakdown, the total cash you need to bring, and a line-by-line accounting of every fee in the transaction.
The rule for the Closing Disclosure is simple: read it carefully. Compare it to your original Loan Estimate from when you applied. Numbers can shift between application and closing, but big shifts should be explained. If the cash to close number is meaningfully different from what you expected, ask why before closing day.
The day before or morning of closing, you will also do a final walkthrough of the home. This is your chance to confirm the property is in the agreed-upon condition, that any negotiated repairs have been completed, and that nothing has gone wrong since your last visit. It is not a re-inspection. It is a confirmation.
What to Bring
A few things you need on closing day:
- Government-issued photo ID
- A cashier’s check or proof of wire transfer for your cash to close
- Your homeowners insurance binder (your lender should have this already, but bring a copy)
- Any documents your loan officer or closing agent specifically asked you to bring
That is genuinely it. The closing agent prepares everything else.
Who Is in the Room
A Richmond closing typically involves:
- You (the buyer)
- Your real estate agent
- The closing agent or attorney (in Virginia, this can be either)
- Sometimes the seller, though often the seller signs separately
- Sometimes your loan officer, though increasingly they participate by phone
Virginia is an attorney-state for real estate closings, but closings here are commonly conducted by closing agents at title companies. Both are valid.
What You Are Signing
The stack of paper is real. You will sign or initial somewhere between 30 and 60 documents at a typical closing. The big ones, in plain English:
The Note. Your promise to repay the loan. This is the contract between you and the lender.
The Deed of Trust. The document that puts a lien on the home as collateral for the loan. If you stop paying, this is what gives the lender the legal right to foreclose.
The Deed. The document that transfers ownership of the home from the seller to you. This is what makes you the owner.
The Closing Disclosure final version. Confirms the final numbers of the transaction.
Tax forms, escrow forms, title insurance forms, occupancy certifications, government compliance disclosures. All required, all standard.
Your closing agent will walk you through each document. Ask questions if anything is unclear. Closings are not rushed; they take however long the buyer needs.
Where the Money Moves
At closing, several money transfers happen simultaneously:
- Your down payment and closing costs are deposited
- Your lender wires the loan amount to the closing agent
- The seller’s mortgage is paid off from the proceeds
- The seller receives the remaining sale proceeds
- The agents receive their commissions
- The county receives the recording fees and transfer taxes
All of this typically settles within a few hours of closing. By the time you leave the closing table, the home is legally yours.
When You Get the Keys
In Virginia, the standard practice is that buyers receive keys at the end of closing, after the deed has been recorded and the funds have been distributed. Some closings finish in the morning and you have keys by lunch. Some run later in the day.
If you are renting and have a move-out deadline, communicate that with your closing agent and real estate agent early. They can structure the timing to make it work.
After the Closing
After closing, you will receive copies of all the documents you signed. Hold onto them. You will need them for your tax return, for any future refinance, and potentially for the sale of the home down the road.
Update your address with the post office, your bank, your employer, the DMV, and any subscriptions or memberships. Switch utilities into your name. Schedule any maintenance the inspection flagged for follow-up.
And then enjoy the house.
Working With Honey Tree Realty
We walk every one of our Richmond buyers through the closing process well before they actually sit at the table, so there are no surprises. If you are starting a Richmond home search or have a closing coming up and want a second pair of eyes on the numbers, reach out.