After the signing is done, the question every seller cares about is simple: when do I get my money, and how. Let me explain how and when your proceeds reach you in Virginia, and how I keep them safe along the way.
Written by Adam L. Engel, Esq., Principal and real estate attorney at Prime Title & Escrow
Your proceeds are the whole point of the sale, so it is fair to want clarity on how they reach you. The process is governed partly by Virginia law and partly by simple logistics, and I keep you informed at each step.
Your net proceeds are your sale price minus your payoff, costs, the grantor’s tax, and prorations. Once the buyer’s funds are in and the deed is ready, I disburse to you. Under Virginia’s Wet Settlement Act, recording and disbursement happen within two business days of settlement, and often the same or next day.
What comes out first
Your proceeds are what is left after the sale pays what it must. From your sale price, I deduct your mortgage payoff, your share of closing costs, the grantor’s tax, prorated property taxes, and any credits you agreed to give the buyer. The full breakdown is what I cover in seller net proceeds in Virginia, and you see every line on your settlement statement before you sign.
Why timing depends on the buyer’s funds
I can only pay your proceeds once the buyer’s money has actually arrived in escrow. On a financed sale, that depends on when the buyer’s lender funds the loan, which is usually at or right after signing. This is not a delay so much as a sequence, and it is part of why I hold everything through escrow, as I describe in what a title and escrow company does. I keep you posted on where the funds stand.
The two business day rule
Virginia’s Wet Settlement Act requires the settlement agent to record the deed and disburse funds within two business days of settlement. In practice, many sellers receive their proceeds the same day or the next business day once the buyer’s funds are in. The law sets the outer limit, and I aim to have your money to you as soon as everything is properly in place.
Wire or check
How you receive your proceeds is your choice. Most sellers take a wire directly to their bank account, which is fast and secure when the account details are confirmed. Some prefer a paper check. I confirm your method and your account details with you directly, so the money goes exactly where it should.
This is where I want sellers to be most careful. Criminals try to redirect sale proceeds by sending fake changes to your bank details, often by email at the last minute. I verify your disbursement information with you using contact details I already have, and I treat any emailed change as a red flag until I confirm it with you by phone. You should do the same, as I explain in sending and receiving funds safely. Your proceeds are too important to move on an unverified instruction.
If you are putting these proceeds toward your next purchase, tell me your timing, because the sequence matters. I can often coordinate so your sale funds are available in time for a purchase that follows, and where the two closings are close together I will walk you through how the money flows from one to the next. Knowing your plan lets me line things up rather than leaving you to bridge a gap.
Getting paid should be the satisfying end of your sale, not a source of anxiety. Whether you are selling in Virginia or West Virginia, I will show you your numbers up front, move your proceeds promptly once the funds are in, and protect them at every step from the signing table to your bank account.
Send me your contract and I will prepare your net proceeds figure and explain exactly how and when your money will reach you.
Get Your Free Quoteor call (703) 552-4155Frequently asked questions
When do I get my money after selling my house in Virginia?
Under Virginia’s Wet Settlement Act, the settlement agent records and disburses within two business days of settlement. In practice many sellers receive their proceeds the same day or the next business day, once the buyer’s funds have arrived and the deed is ready to record.
How will I receive my proceeds, by wire or check?
You choose. Most sellers receive a wire directly to their bank account, which is fast and secure when the account details are verified. Some prefer a check. I confirm your method and details with you directly, never by an emailed instruction alone.
What is deducted before I get my proceeds?
Your net proceeds are your sale price minus your mortgage payoff, your share of closing costs, the grantor’s tax, prorated property taxes, and any credits to the buyer. The seller settlement statement shows every deduction before you sign.
Why do I have to wait for the buyer’s funds?
I can only disburse your proceeds once the buyer’s funds have actually been received into escrow. That protects everyone, and it is why the exact timing depends partly on when the buyer’s lender funds the loan. I keep you posted on where things stand.
How do you protect my proceeds from fraud?
I verify your disbursement details with you directly, using contact information I already have for you, and I treat any last minute emailed change to where your money goes as a red flag. Criminals target seller proceeds, so this verification is not a formality.
This article is general information about seller proceeds in Virginia and West Virginia. It is not legal or financial advice for your specific transaction, and timing depends on your closing and the buyer’s funds. Please confirm the details with me directly.