Buying a Home in Virginia Beach
Buying in Virginia Beach means working inside Virginia's standard residential purchase contract, with an inspection contingency typically running 7-14 days and earnest money customarily 1-3% of the purchase price -- and, distinctively, Virginia is a hybrid settlement-agent state: either a licensed attorney or a title insurance company can legally handle the closing, with the buyer free to choose.
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Learn moreThe Inspection Contingency: A Real, Time-Sensitive Window
Virginia purchase contracts typically build in a 7-to-14-day inspection contingency window (commonly 7-10 days after ratification), during which a buyer can have the property professionally inspected and either request repairs, negotiate a credit, or terminate the contract. Missing this deadline generally means the contingency expires -- the buyer becomes locked into the purchase or forfeits the protection it offered, so timing matters genuinely, not just formally.
Earnest Money: Typically 1-3% of Purchase Price, Held in Escrow
Earnest money in Virginia typically runs 1-3% of the purchase price, delivered with the offer or shortly after ratification as a good-faith signal to the seller, and held in escrow rather than paid directly to the seller. If a buyer terminates on time under a valid contingency (inspection, financing, appraisal, or title), the deposit is typically refundable; missing a contingency deadline risks forfeiting it.
Virginia Is a Hybrid Settlement-Agent State -- Not Attorney-Mandatory
Virginia law allows a real estate closing to be handled by a licensed attorney, a title insurance company, an appointed title agent, a licensed real estate broker, or a qualified financial institution acting as settlement agent -- all subject to registration, insurance, escrow, and audit requirements. This differs by region in practice: buyer's-attorney escrow is more common in Northern Virginia, while title-company escrow is more common in the rest of the state, including Hampton Roads. The choice of settlement agent is generally the buyer's or borrower's to make.
Disclose and Confirm AICUZ Status Before Closing
As covered on the moving topic page, written acknowledgment of NAS Oceana AICUZ noise-zone and Accident Potential Zone status is legally required for any Virginia Beach (or neighboring Chesapeake) residential purchase or lease. Confirm this disclosure and the specific zone classification for any property under consideration directly with the seller's disclosure packet and the City of Virginia Beach Planning Department -- this is a real, Virginia-Beach-specific closing consideration most other Tier A+ markets in this project don't carry.
Property Tax Assessment: Confirm the Current Rate Directly
Virginia Beach's FY2026 real estate tax rate is $0.97 per $100 of assessed value (one source cited a slightly different $0.99), the lowest of the region's seven cities -- confirm the current rate and a specific property's assessed value directly with the City of Virginia Beach Real Estate Assessor before closing, since rates are set annually and can change. See the property-taxes topic page for the full picture.
Key takeaways
- Virginia's standard purchase contract runs a 7-14-day inspection contingency window (commonly 7-10 days after ratification); missing this deadline generally forfeits the buyer's right to terminate or negotiate on inspection findings.
- Earnest money typically runs 1-3% of the purchase price, held in escrow (never paid directly to the seller) and generally refundable if the buyer terminates within a valid contingency deadline.
- Virginia is a hybrid settlement-agent state -- either an attorney or a title company can legally close a transaction, with title-company escrow more common in Hampton Roads specifically than in Northern Virginia.
- Written AICUZ noise/accident-zone disclosure is legally required for Virginia Beach residential purchases -- confirm a specific property's zone status directly before closing.
- Confirm the current real estate tax rate ($0.97/$100 assessed value for FY2026, the region's lowest) and a specific property's assessment directly with the City Assessor before closing.
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