The monastic precinct is surrounded by the monastery village, made up of rural traditional houses, where the nuns live, and which lie along narrow alleys.

In June 1785, Olimpiada, together with her confessor Father Iosif, began building a wooden church with the title "The Dormition of Virgin Mary".

He was born around 1750, in the village Valea Jidanului in Transylvania, and entered the monastic life at an early age, becoming a novice of the renowned monk Father Paisius Velichkovsky, while the latter still resided at Dragomirna Monastery.

Father Iosif died on 28 December 1828, and is buried in the narthex of the main church of the Monastery, "The Dormition of the Virgin Mary."

By the Metropolitan's decision, on 10 July 1803, signed by the boyars from the royal court, Văratec Skete was then for a short while united with Agapia Monastery.

By another decree of the Metropolitan, on 23 September 1803, a monastic craft and general knowledge school was established in the two monasteries, where nuns could learn liturgical music, Greek language, as well as embroidery and weaving.

The Metropolitan also moved nuns from three other sketes: Prapa Doamna in Iași, Gârcina and Vânătorii Pietrii from Neamț County.

During the Wallachian uprising of 1821, the skete was besieged and robbed by Ottomans: various goods were stolen and the nuns were cast out or killed; Mother Olimpiada took refuge in Secu Monastery.

New structures were added in the first half of the 19th century: the enclosure walls, a stone refectory, some cells and the bell tower, on three levels, situated towards east, where "Saint Nicholas" Chapel was made, at a certain moment between 1840-1850.

Mother Olimpiada, the founder of the settlement, had an important role in the development of the monastic collectivity in Văratec, devoting all her worldly fortune to this purpose.

Văratec Monastery was affected by a great fire during the night of 10/11 June 1900, which burned most of the cells and the roof of the main church.

"Saint Nicholas" Chapel was rebuilt during 1903-1909, the iconostasis and the interiors were painted by hieromonk Eftimie Obrocea from Ciolanu Monastery.

In 1934, at the idea of metropolitan Pimen Georgescu of Moldavia, a building was established on the southern side of the enclosure, the "Queen Mary" workshop, where the nuns worked on church embroidery, carpets and national canvas.

A bronze statue of Saftei Brâncoveanu, made by sculptor Ion Jalea was placed in 1935, close to the eastern apse of the "Dormition of the Virgin Mary" Church.

Important consolidation, restoration and renewal works have been made, beginning with 1962, with the financial and technical support of the state and of Moldavia and Suceava Mitropoly, both for the three churches as for the guest chamber and for some of the buildings in Văratec Monastery.

In the meeting of the Holy Synod of Romanian Orthodox Church from 5–7 March 2008, at the proposal of the Moldavia and Bucovina metropolitan, they discussed sanctifying nine saints from Neamț county.

The religious service was held by metropolitan Teofan Savu of Moldova and Bucovina, which read the sanctification act of Saint Iosif.

On the right side of the church narthex, in front of the sustaining pillars of the belfry, lies the grave of confessor Iosif, the founder of the monastery, who died on 28 December 1828.

On his gravestone, which is no longer the original one, lays written: "Pious hieroschemamonk Iosif, founder and confessor of the holy Văratec Monastery, deceased on the 28th Dec. 1828".

The altar apse has a semicircular shape, with a deacon room on the south side and niche for the table of oblation (where the Holy Communion is prepared, during the Divine Liturgy).

Outside the church, under the altar apse there is an ossuary where the bones of the mothers who played an important role in the monastic community were moved from the old monastery cemetery.

The cemetery church was rebuilt in stone in 1844, as an inscription on the west wall states, during the superior mother Eufrosina Lazu.

It was initially segmented in narthex, nave and altar but they added a wooden porch later, to protect the south-west entrance.

The bell tower is a massive stone constructions, included in the cell building on the eastern side of the enclosure, built in the first half of the 19th century.

Situated at a distance of 80 m east from the Church "Dormition of the Virgin Mary", the bell tower has an entrance alleyway at the ground floor and two square shaped levels.

A museum was set up in a few rooms during 1960–1961, where the collection of religious objects is exposed – embroidery, icons, liturgical vessel, manuscripts, crosses etc.