Closing day comes with a folder of documents and a set of keys, and then everybody goes home. The next month is when a house either gets organized or quietly accumulates problems.
None of this is urgent in the way a contract deadline is urgent, which is exactly why it slips. Here is the order we suggest.
Week one: the things that are cheap now and expensive later
Rekey or replace the locks. You have no idea how many keys exist. Neither does the seller, honestly. Do the exterior doors, the garage side door people forget, and any padlock on a shed.
Find the shutoffs before you need them. Main water shutoff, individual fixture valves, gas shutoff if you have gas, and the electrical panel. Label the panel while you have the patience for it. The first time you look for the main is not the moment you want to be learning.
Test every smoke and carbon monoxide alarm and replace the batteries. Not some of them. All of them, with the date written on the unit in marker.
Write down the filter sizes. HVAC return filter dimensions, refrigerator filter model, any whole-house water filter. Put the list in your phone. This one small note saves a dozen future trips.
Week one to two: get the utilities into your name properly
This is the step where buyers moving between localities get tripped up, because the Richmond metro does not have one utility provider. It has several, and they are organized by jurisdiction.
Water, sewer and refuse are billed by the locality. If you bought in the city of Richmond, that is the city. In Henrico and Chesterfield, the counties run their own systems, and Henrico and Chesterfield each set their own rates and collection schedules. Buyers on private well and septic in Powhatan or Goochland have no water bill and a maintenance obligation instead.
Two things to confirm rather than assume: that the account transferred on the closing date and not a week later, and what day your street is collected. Collection days follow routes, not county lines, so your new neighbor two streets over may be on a different day.
While you are at it, update your address with the post office, your employer, your bank, your insurer, and the Virginia DMV for your license and vehicle registration. The DMV has its own timeframe expectations, so check the current requirement rather than guessing.
Just closed and thinking about the work you want to do?
We keep a list of Richmond contractors, inspectors, movers and trades our clients have actually used, with no referral fees attached. Browse local Richmond vendors.
Week two: taxes, escrow and insurance
Real estate tax is where new owners get surprised, and the reason is proration. Taxes were divided between you and the seller at settlement, so the first bill you see may not look like a full year or a clean half.
If your loan escrows taxes and insurance, confirm the locality has your servicer on record so the bill goes to the right place. If it does not escrow, the bill is entirely your responsibility and there is no second reminder. Rates differ substantially across the metro, and our breakdown of real estate tax rates by locality covers what each jurisdiction charges.
Expect an escrow analysis in your first year and expect the payment to change. Your original escrow estimate was built partly on the previous owner’s numbers. Once the assessment and your actual insurance premium flow through, the monthly figure adjusts. That is normal, not an error. How the account works is in our guide to mortgage escrow accounts, and the Consumer Financial Protection Bureau publishes plain-language explanations of escrow statements if you want the regulatory version.
On insurance: confirm the binder you bought at closing actually converted to a policy, and that the dwelling coverage amount matches what you would need to rebuild rather than what you paid. If the property is in a flood hazard area, that is a separate policy, covered in whether you need flood insurance here.
Week three: the documents you will want in five years
Build one folder, physical or digital, and put these in it.
| Document | Why you will need it |
|---|---|
| Settlement statement | Cost basis when you sell, and any deductible items |
| Recorded deed and deed of trust | Proof of title and the terms of your lien |
| Owner’s title insurance policy | The only thing that responds to a title defect later |
| Residential property disclosure statement | What was and was not represented to you |
| Inspection reports and repair agreements | Baseline condition, and proof of what was promised |
| Association documents | Rules you are bound by and the assessment history |
The disclosure statement matters more in Virginia than buyers expect, because this is a buyer beware state. What the seller did and did not represent is the starting point for any later dispute, and we explain why in what the Virginia disclosure statement actually tells buyers. If your title policy is in that folder, what the owner’s policy covers is worth ten minutes.
Week four: association, warranties, and loose ends
If you bought into an association, register as the owner of record, set up the assessment payment, and read the rules before you buy a fence or paint a door. Our guide to what to read in HOA documents applies just as well after closing as before.
Register any appliance and system warranties in your name. If a home warranty came with the purchase, find out what it actually covers before you need it, which is the point of our look at Richmond home warranties.
Then close out the transaction itself. Were the seller’s agreed repairs completed and documented? Did any post-settlement occupancy end on schedule and did you inspect afterward? Did the settlement agent send the recorded deed? Chase those three now, while everyone still remembers the file.
One more thing, before the year turns
Put two reminders in your calendar now. One about sixty days before your locality’s assessment appeal deadline, so you have time to read your property record and gather comparables if the number looks wrong. One a month before your policy renewal, so you are comparing quotes rather than accepting a renewal increase by default.
Both take an hour and both recur every year you own the house. The deadlines differ by locality, and we lay them out in how to appeal your property assessment.
Questions new owners ask
What paperwork should I keep after closing on a Virginia home?
The settlement statement, the recorded deed, the deed of trust, your owner’s title insurance policy, the residential property disclosure statement, your inspection reports, and any written repair agreements. The settlement statement and the disclosure statement are the two people throw away and later need.
When will I get my first real estate tax bill?
It depends on your locality’s billing cycle and on whether taxes were prorated at closing. If your loan escrows taxes, the servicer pays the bill and you should verify the locality has your servicer on file. If you have no escrow, the bill is yours to catch.
Do I need to do anything with the deed after closing?
No. The settlement agent records the deed with the circuit court, and the recorded copy comes back to you. What you should do is confirm it arrived and that the names and legal description are correct.
Who do I contact for water and trash service?
Whichever locality you bought in, because they are separate systems. The city of Richmond, Henrico and Chesterfield each run their own utility and refuse billing, and collection days differ by street rather than by county.
Should I change the locks?
Yes, in the first week. Assume every key handed to a contractor, dog walker, tenant or family member over the last twenty years is still out there. Rekeying is inexpensive relative to the alternative.
What is an escrow analysis and when does it happen?
Your servicer reviews your escrow account roughly annually and adjusts the monthly payment to cover the coming year’s taxes and insurance. First-year adjustments after a purchase are common because the original estimate was built on the prior owner’s figures.
I found a problem the seller did not mention. Do I have any recourse?
It depends entirely on whether the seller had actual knowledge and on what your contract said, because Virginia is a buyer beware state. Document what you found with dates and photos before you repair it, and talk to a Virginia real estate attorney rather than to the internet.
Already thinking about the next one?
Whether it is five months or five years out, knowing what your home is worth changes how you plan. Get a valuation, see what we have recently sold nearby, or just ask us a question at (804) 601-4960.
