Virginia agents must receive and present every written offer and counteroffer in a timely manner, and an earnest money deposit has to reach escrow by the end of the fifth business banking day after ratification unless the parties agree otherwise in writing. Buyers should confirm their contingencies and deposit plan now. Sellers should confirm that every offer is being presented and settle on their decision criteria before the first one arrives.
TL;DR:
- Sellers should compare net proceeds and financing proof first, then weigh contingency deadlines, settlement timing, escrow terms, concessions, occupancy, and home sale conditions.
- Buyers should retain inspection, financing, and appraisal protections unless they can absorb defects, a denied loan, or a shortfall between appraised value and price.
- Earnest money commonly ranges from 1% to 10% of the price; the contract should identify the amount and name the escrow holder.
- Late seller disclosures can trigger a termination window of three days after hand delivery or five days after mailing, so buyers should record receipt details.
- A counteroffer replaces the prior offer, so buyers cannot later accept the original terms; settlement date changes require a signed amendment.
Table of Contents
- What does Virginia law require when an offer arrives?
- What does an offer include, and which clauses matter most?
- How should sellers compare and prioritize offers?
- How can buyers make an offer the seller takes seriously?
- How do counteroffers and acceptance work?
- What happens after the seller accepts?
- What can go wrong, and how do you fix it?
- What we do when an offer lands
- How we help you review offers and close
- FAQ
- Sources
What does Virginia law require when an offer arrives?
Several parts of Virginia law and contract practice set the floor for the offer review process in Virginia, and each shapes what your agent can and cannot do.
- Licensees engaged by sellers must present written offers and counteroffers promptly under Virginia Code § 54.1-2131, even when the home already has a ratified contract, unless the parties agree otherwise.
- Licensees engaged by buyers carry a parallel duty. Section 54.1-2132 covers assisting with drafting and negotiating offers and presenting written offers or counteroffers in a timely manner.
- Earnest money handling is governed by § 54.1-2108.2, which also lays out what a broker may do when the deposit is disputed.
- The contract itself matters too. Virginia REALTORS® released an updated residential purchase contract with detailed sections for deposit, financing, inspections, disclosures, title, settlement, default, and acceptance, along with instructional resources for the new form.
The deposit deadline is the fifth business banking day after ratification, and only a written agreement changes it. That single rule explains many of the escrow problems that surface later.
What does an offer include, and which clauses matter most?
Scan an offer in the same order every time so nothing hides in the fine print. The fields that drive most review decisions are:
- Purchase price and the earnest money amount, plus who holds the deposit
- Financing type and any financing contingency
- Inspection contingency and appraisal language
- Settlement date and possession terms
- Special clauses such as a back-up clause or a contingent-upon-sale clause
Earnest money typically runs from 1% to 10% of the sales price depending on region and market competitiveness, and a larger deposit can signal stronger buyer intent, according to Virginia REALTORS® legal hotline guidance. The contract should spell out the deposit terms explicitly.
Virginia REALTORS® also publishes standard clauses, including the back-up clause, the contingent sale clause, and the deposit-holder notice. You can find the standard financing, earnest money, settlement, and possession language in the Residential Contract of Purchase form.
How should sellers compare and prioritize offers?
Work through the offers in this order, because the early checks eliminate weak offers fastest.
- Check net proceeds and financing strength. A preapproval letter and proof of funds are not the same level of assurance.
- Compare contingency windows and the settlement timeline. Shorter contingencies often win, but they can add risk if the buyer's financing is thin.
- Read the deposit size and the escrow-holder language, since both affect confidence and speed.
- Weigh non-monetary terms: occupancy wishes, seller concessions, and a home sale contingency.
- Confirm with your agent that every written offer has been presented.
You can tell your agent the criteria you care about, but you cannot lawfully have written offers hidden from you. The duty in § 54.1-2131 applies either way.
Pro Tip: Ask your agent for a one-page side-by-side of every offer, with contingency deadlines in the same column, before you respond to any of them.
If an offer depends on the buyer selling another house, our walkthrough on how a home sale contingency affects acceptance shows how those terms play out.
How can buyers make an offer the seller takes seriously?
A strong offer is clean, realistic, and still protective of you. These are the levers that matter.
- Earnest money: Pick an amount inside the usual 1% to 10% range that fits your market, and make sure the contract names who holds the funds.
- Contingencies: Inspection and financing contingencies are the main tools that protect your earnest money. Without them you may be bound to proceed despite major defects or a denied loan.
- Appraisal gaps: If an appraisal comes in below the contract price, buyers can bring more cash, renegotiate the price, or cancel when an appraisal contingency exists. Research on appraisals shows renegotiation is common, and a partner agent has laid out appraisal gap options with lender math.
- Preapproval and timeline: Include a settlement date you can actually meet, and be ready to sign amendments if the schedule shifts.
Before you consider waiving anything, read our Virginia checklist on noncontingent offer risks.
Pro Tip: Get your preapproval letter in hand before you tour homes, so you can submit an offer the same day you find the right one.
How do counteroffers and acceptance work?
Acceptance, or ratification, is the moment a signed contract becomes binding. The timing windows in the contract control, so read them rather than relying on memory. The acceptance windows are part of the standard purchase contract form.
A counteroffer rejects the prior offer and becomes a new offer, which means the buyer can no longer simply accept the original terms. Practical points to keep in mind:
- Common seller counters include a higher deposit or a shorter inspection period.
- Any change to the settlement date needs a signed amendment.
- "On or about" language adds flexibility but does not guarantee a firm closing date, and it does not replace a signed extension, according to Virginia REALTORS® guidance.
What happens after the seller accepts?
Once the contract is ratified, deadlines start running. Follow them in this order.
- Deposit the earnest money into escrow by the end of the fifth business banking day after ratification, unless the parties agreed otherwise in writing.
- Schedule the inspection right away. The CFPB advises choosing an independent, thorough inspector and booking early, and the contingency lets you renegotiate or cancel if problems turn up.
- Track disclosures. If required seller disclosures arrive after ratification, § 55.1-709 gives the buyer a limited termination window, such as three days after hand delivery or five days after mail.
- Order title and choose a settlement agent. The Virginia Title Insurance Guide recommends shopping providers and checking coverage. Our post on reissue and simultaneous issue credits can lower the premium, and our closing cost estimate helps you plan cash to close.
- Confirm possession timing in the contract. Keys do not always transfer at settlement.
Disclosures delivered after ratification give the buyer a short, fixed window to terminate, so note the delivery date and method the day the packet arrives.
For context on who does what at the table, a partner guide explains the title company versus escrow roles for first-time buyers.
What can go wrong, and how do you fix it?
Most trouble traces back to one of three problems, and each has a clear remedy.
- Low appraisal: Renegotiate, bring additional cash, or cancel if an appraisal contingency protects you. Our guide to avoiding low appraisals in Virginia covers prevention.
- Escrow disputes: A broker may release funds under clear contract terms without a signed release, but is not required to. The broker can instead wait for a signed release or use court interpleader, as § 54.1-2108.2 describes.
- Settlement delays: Get a signed amendment that extends the date. Do not lean on "on or about" language alone.
What we do when an offer lands
At Beams Realty Group, our process starts the moment an offer arrives: we present it promptly, explain the deposit and escrow terms in plain language, and keep a written timeline of every deadline so nothing slips past a date. You can expect a quick call with a summary, followed by documents in writing. If a disagreement over the deposit or settlement date emerges, we work to resolve it early and put any agreement on paper. If you want a second set of eyes on an offer, reach out to discuss it.
— Myra
How we help you review offers and close
When an offer is on the table, we help you compare the terms, set a deposit and contingency strategy, and keep the closing timeline on track. Our services include:
- Home Buying for buyers who want help drafting and evaluating an offer
- Sell My Home for sellers who want help comparing offers and negotiating
- Home Valuation for pricing your home before offers arrive
Book an offer review or home valuation with our team and we will walk you through your next move.
FAQ
Do Virginia agents have to present every written offer?
Yes. Licensees engaged by sellers or buyers must receive and present written offers and counteroffers in a timely manner, even when the property is under a ratified contract, unless the parties agree otherwise under § 54.1-2131.
When is earnest money due in Virginia?
The deposit goes into escrow by the end of the fifth business banking day after ratification, unless the parties agree otherwise in writing, per § 54.1-2108.2. Check your contract for any different written terms.
Can a buyer back out after ratification?
Only on grounds the contract allows. Inspection, financing, and appraisal contingencies are the usual routes, and late seller disclosures can open a short termination window under § 55.1-709.
Does "on or about" extend the settlement date?
It adds flexibility but does not guarantee a firm closing date. A signed amendment is the reliable way to extend settlement, according to Virginia REALTORS®.
Sources
- § 54.1-2131. Licensees engaged by sellers
- New Residential Purchase Contract Resources - Virginia REALTORS®