How Long To Close On A Richmond Home?

Eyeing a historic rowhouse in the Fan and wondering how long it will take to get keys in hand? You are not alone. Closing timelines in Richmond vary with your financing, contract terms, and the age and complexity of the property. In this guide, you will see the typical 30 to 60 day path to close, what is unique to Fan District homes, and the practical steps that keep your closing on track. Let’s dive in.

Typical closing timeline

Most financed purchases in Richmond close in about 30 to 60 days after the contract is ratified. The exact timing depends on your loan type, appraisal and inspection scheduling, title work, and any association documents. Cash buyers can often close faster, typically 7 to 21 days, if title is clear and everyone moves quickly.

Key steps after ratification usually include:

• Earnest money deposit due, often within 3 to 5 business days.
• Title is opened and the search begins within 1 to 3 business days.
• Home inspection period, commonly 7 to 10 days, plus any specialty inspections.
• Loan underwriting and appraisal, usually 14 to 30 days for underwriting and 7 to 21 days for appraisal.
• Title commitment delivered in about 7 to 14 days, with any curative work handled.
• Any needed HOA or condo resale documents, which can take a few days to several weeks.
• Final walk-through 24 to 72 hours before closing.
• Closing and recording, with the Closing Disclosure delivered at least 3 business days before you sign on a federally regulated mortgage.

Week-by-week milestones

A typical financed Fan District purchase might look like this:

• Days 0 to 3: Contract ratified, earnest money deposited, title opened, loan file moves to full underwriting, inspections scheduled.
• Days 4 to 10: General inspection and any specialty inspections; repair or credit negotiations if needed.
• Days 7 to 21: Appraisal ordered and completed; title commitment issued; any title issues identified.
• Days 14 to 30: Underwriting conditions cleared; HOA or condo resale packet received and reviewed; insurance bound.
• Days 30 to 45: Final loan approval; Closing Disclosure delivered at least 3 business days before signing; final walk-through.
• Closing day: Settlement, funding, and recording.

Contract choices and timing

The closing date you write into your offer matters. In Richmond, 30-, 45-, or 60-day closings are common. Shorter windows mean tighter deadlines for appraisal, title, and HOA documents. Longer windows create buffer but may be less attractive to some sellers. Align your inspection, appraisal, and financing contingencies with your lender and title company timelines so everyone is working toward the same finish line.

Inspections for Fan homes

The Fan’s late‑19th and early‑20th‑century homes are beautiful and unique, which can add complexity to inspections.

Expect and consider:

• General home inspection within the 7 to 10 day window.
• Wood‑destroying insect inspection, often required for many loans.
• Sewer scope to evaluate older clay or cast‑iron lines.
• Chimney, roof, HVAC, or structural specialists if the general inspector recommends them.
• Radon testing, which can add a few days.
• Lead‑based paint risk assessment for pre‑1978 homes if you request it or plan renovations.

Inspection findings can lead to a repair agreement or credit. Negotiation adds time, and major issues can add weeks if remediation or re‑inspection is needed.

Appraisal timing and outcomes

Lenders order the appraisal soon after you go under contract. Scheduling and reporting typically take 7 to 21 days, and historic or complex homes may require extra research. If the appraised value comes in lower than the contract price, you can negotiate a price change, bring additional cash, request a reconsideration of value, or explore a second appraisal. Any of these paths can extend the timeline.

Title and settlement in Virginia

In Virginia, a title company or settlement attorney handles your search, closing documents, and recording.

What to expect:

• Title search and a title commitment usually arrive within 7 to 14 days. Older chains of title, unpaid liens, judgments, or probate issues can add weeks.
• The settlement agent coordinates payoffs, closing figures, signing, and recording. Funding and recording typically occur on closing day.
• Sellers must follow the Virginia Residential Property Disclosure Act. Homes built before 1978 require federal lead‑based paint disclosures.
• If you request a survey or the contract allows it, boundary or encroachment issues can add days to weeks while solutions are worked out.

Condos and HOA packets

If you are buying a condo or a home with an association, the resale packet can be a critical gating item. Some associations deliver these documents in a few days. Others need 10 to 21 days or more. The packet generally includes bylaws, rules, financials, and any pending assessments. Your lender may also require project approval for certain loan types, which can extend the process if approvals are not already in place.

Tip: Ask who pays the resale fee per your contract and order the packet as early as allowed.

Historic district approvals

Parts of the Fan are within a local historic district. Exterior changes visible from a public right‑of‑way usually need a Certificate of Appropriateness through the city’s review process.

Good news: These reviews do not typically delay closing. They matter most for your post‑closing renovation timeline. Minor exterior changes can sometimes be approved administratively in a couple of weeks. Larger projects may require public hearings and can take multiple months. If you plan exterior work right away, consult the city’s guidelines early so you can plan materials, drawings, and timelines.

Common delay causes

The most frequent slowdowns include:

• Financing issues, such as slow underwriting or missing documents.
• Appraisal delays or a value below the contract price.
• Title problems, including liens, judgments, or curative work.
• HOA or condo resale documents arriving late or incomplete.
• Inspection discoveries that require remediation or new negotiation.
• Permit or code items discovered late.
• Seller logistics, such as payoff documentation or move timing.
• Buyer readiness, including down payment, closing funds, or insurance.

Keep your closing on track

You can reduce risk and stress with a few proactive moves:

• Get a full pre‑approval from a lender familiar with Richmond and historic homes.
• Respond quickly to lender and title requests for documents.
• Schedule general and specialty inspections early, especially chimney and sewer for older homes.
• If an association is involved, order the resale packet as soon as allowed and confirm turnaround.
• Open title immediately and provide any payoff or estate information without delay.
• Verify wiring instructions in advance and confirm by phone to avoid wire fraud.
• Build smart buffer time into the contract. For historic homes or FHA/VA loans, a 45‑day close often provides the right balance of competitiveness and safety.

Sample 45‑day timeline

Use this as a planning template, then tailor it to your lender and contract terms:

• Day 0: Ratification and earnest money.
• Days 1 to 3: Loan in full underwriting, title opened, inspections scheduled.
• Days 4 to 10: General and specialty inspections, negotiate repairs or credits.
• Days 7 to 21: Appraisal inspection and report, title commitment delivered.
• Days 14 to 30: Underwriting clears conditions; HOA or condo packet arrives; insurance bound.
• Days 30 to 42: Final approval, Closing Disclosure delivered at least 3 business days before signing.
• Days 43 to 45: Final walk‑through and settlement, then recording and keys.

Ready to map your exact path to closing in the Fan? A local, hands‑on team can coordinate inspections, title, and timing so you close with confidence. If you want a clear plan tailored to your loan type and property, reach out to the Chris Small Group to start a private consultation.

FAQs

How long does closing take in Richmond’s Fan?

• Most financed closings take 30 to 60 days, while cash purchases can close in 7 to 21 days if title is clear and parties move quickly.

What makes Fan District homes take longer?

• Historic homes often need specialty inspections, appraisers may need more research, and older title histories can require extra verification or curative work.

Do I need historic approvals before closing in the Fan?

• No. Historic approvals are typically required for exterior work after you own the home. They do not usually delay closing but can affect renovation timelines.

How long do HOA or condo resale packets take?

• Turnaround varies widely. Some arrive in a few days, while others take 10 to 21 days or more. Order as early as permitted.

When will I receive the Closing Disclosure?

• For most mortgages, you must receive the Closing Disclosure at least 3 business days before you sign, so your lender will time delivery accordingly.

Who opens title and orders the search?

• The settlement agent or title company typically opens the file within a few days of ratification. The contract and local custom guide who selects the settlement agent.

What if the appraisal comes in low?

• You can negotiate the price, bring additional cash, request a reconsideration of value, or pursue a second appraisal. Each option can add time to closing.