Accepting an offer on your home is a significant moment, but it is not the end of the process. What happens between ratification, which is when both parties have signed the contract, and settlement can feel complicated if you have not been through it before. The contract period in DC, Maryland, and Virginia typically runs 30 to 45 days, and a lot can happen in that window.
Here is a clear overview of what to expect after you accept an offer, and what sellers can do to make that stretch go as smoothly as possible.
Ratification and the Contract Period
Once you and the buyer have signed the contract and any counteroffers, the agreement is ratified. At that point, both parties are bound by the terms, including the purchase price, settlement date, contingencies, and any negotiated terms about inspections, repairs, or credits.
The buyer typically has a window, often three to seven business days depending on the contract terms, to complete the home inspection. The lender will order the appraisal on a separate timeline. Title work begins in parallel. As a seller, the contract period can feel like a waiting game, but understanding what is happening behind the scenes helps manage the uncertainty.
The Home Inspection
Most buyers in DC, Maryland, and Virginia include a home inspection contingency. The buyer hires a licensed inspector who goes through the property systematically, covering the structure, systems, roof, plumbing, electrical, HVAC, and any visible deficiencies. The buyer receives a written report, typically within a day or two of the inspection.
After reviewing the report, the buyer may submit a repair addendum or a request for a credit at settlement. This is a negotiation, not an automatic obligation. Sellers are not required to address every item on an inspection report. Common approaches include agreeing to repair specific items before settlement, offering a settlement credit in lieu of repairs, or accepting the property as-is and negotiating on price instead.
The key is to approach inspection negotiations strategically rather than reactively. A good agent will help you evaluate what the buyer is asking for, what is reasonable given the age and price point of the home, and what the likely outcome will be if negotiations stall.
The Appraisal
If the buyer is financing the purchase, their lender will order an independent appraisal of the property. The appraiser’s job is to confirm that the home is worth at or above the contract price. If the appraisal comes in at or above the purchase price, the process moves forward without issue.
If the appraisal comes in below the contract price, you have a gap to resolve. Options typically include renegotiating the price with the buyer, having the buyer bring additional cash to cover the difference, challenging the appraisal if there are factual errors or missing comparable sales, or, in some cases, allowing the buyer to exercise an appraisal contingency and exit the contract.
Appraisal gaps have been a recurring issue in competitive markets where homes sell above asking price. Your agent should walk you through the appraisal contingency language in your specific contract so you understand your options before the appraisal comes back.
Title, Settlement Prep, and the Final Steps
While the inspection and appraisal are underway, the settlement company or title attorney is conducting a title search to confirm there are no outstanding liens, easements, or ownership disputes that would affect the transfer. Title insurance is typically purchased at settlement to protect both the buyer and the lender.
As the seller, you will receive a settlement statement ahead of closing that outlines all of the credits, debits, and fees associated with the transaction. Review it carefully. Your proceeds, the payoff on any existing mortgage, the real estate commissions, transfer taxes, and any agreed credits to the buyer will all appear on that statement.
DC, Maryland, and Virginia each have different transfer and recordation tax structures. Your settlement company will calculate the applicable fees based on your jurisdiction and purchase price.
This is general information, not tax advice. Tax treatment varies by ownership structure, use, timing, and personal circumstances. Speak with a CPA or tax advisor before making decisions.
What Can Delay or Complicate a Transaction After Ratification
Most transactions do close on schedule, but delays happen. Common causes include financing issues on the buyer’s side, extended inspection negotiations, appraisal challenges, title issues that require resolution, or personal circumstances on either side of the transaction.
Staying in communication with your agent throughout the contract period is important. If something comes up, you want to know early enough to respond constructively rather than being surprised close to settlement.
Frequently Asked Questions
How long is the contract period when selling a home in DC Maryland or Virginia?
Most residential contracts in the DC metro area have settlement dates 30 to 45 days after ratification, though shorter or longer timelines are negotiable. The specific date is typically set in the initial offer and can be adjusted by mutual agreement.
What happens if the buyer’s financing falls through after the contract is ratified?
If the buyer has a financing contingency and cannot secure their mortgage, they can typically exit the contract and recover their earnest money deposit. If no financing contingency exists, the outcome depends on the specific contract language. This is one of the reasons sellers sometimes prefer fewer contingencies, particularly in competitive markets.
Am I required to fix everything the home inspector finds?
No. The home inspection report is not a punch list of required repairs. It is information the buyer uses to negotiate. What you agree to repair, credit, or leave as-is is negotiable. Your agent’s guidance on what is reasonable for your specific property and market is worth leaning on here.
What is an appraisal gap and how should sellers handle it?
An appraisal gap occurs when the lender’s appraiser values the home below the contract purchase price. This creates a difference that needs to be resolved before settlement. Common resolutions include a price reduction, the buyer covering the gap in cash, or a combination of both. Your agent should walk you through your options based on your specific contract terms.
When do I receive my proceeds from selling my home in DC Maryland or Virginia?
Settlement proceeds are typically disbursed on the day of settlement or within one business day in some cases, depending on the settlement company and the method of disbursement. Wire transfers are common. Your settlement statement will show the net proceeds after mortgage payoff, commissions, transfer taxes, and other fees.
Final Word
The period between ratification and settlement is manageable when you know what to expect. Most transactions close without major issues, but the ones that hit bumps go better when sellers are prepared, communicative, and working with an agent who knows how to navigate the details.
If you are thinking about selling a home in Washington DC, Maryland, or Virginia and want to understand the full process from listing to settlement, a conversation is a good place to start.
About Matt Cheney
Matt Cheney is a top-producing real estate advisor with Compass in Washington, DC, guiding buyers and sellers across DC, Maryland, and Virginia through high-stakes moves, from luxury sales to estate settlements, downsizing, and divorce-related transactions. With over $779 million in career sales volume and 22 years of experience, including more than two decades working on complex and sensitive real estate situations, Matt is known for calm, strategic guidance and brings hundreds of successful sales to clients seeking clarity and support during life transitions.