It’s finally time to close on your new home! After all of the paperwork and inspections are complete, you might be wondering if a final walkthrough is really necessary. Here are a few tips for the final walkthrough before closing.
What is a final walkthrough?
Early in the buying process, buyers should hire a professional inspector to thoroughly check the property and identify any items that need repaired. These items can then be presented to the seller to negotiate repairs. Any agreed-upon repairs should be specified in writing and completed before the closing.
The final walkthrough takes place just before the closing occurs. This provide a buyer the opportunity to confirm any agreed-upon repairs were satisfactorily completed. It also ensures that the property is in the same condition as it was when the purchase agreement was signed. It is recommended that you have your real estate agent attend the final walkthrough with you. Your agent can provide valuable guidance during the walkthrough and can assist if there are any issues that come up. Completing this step will help protect a buyer’s investment in their future home.
What should you look for during a final walkthrough?
When it comes time for the final walkthrough of the property you are buying, it is important to have an eye out for any problems that may not have been addressed previously. While most major issues should have already been identified, look out for minor damages like damaged drywall or flooring, loose doorknobs or other such items that may have occurred when the seller moved out. If any features were part of the purchase agreement, such as appliances or window treatment, ensure they remain present and in good condition. Lastly, take note of any existing furnishings in the home so there is no confusion about what is yours and what stays with the house. Doing a thorough walkthrough can help ensure your transition into homeownership goes smoothly.
What happens if there is a problem?
While everyone hopes the final walkthrough goes smoothly, sometimes issues exist that need to be addressed. Potential problems can arise during this crucial step – from forgotten repairs to unnoticed damage. To avoid these issues, buyers should create a checklist in advance of the final walkthrough to ensure they cover all areas and agreed-upon repairs. Your real estate agent is a valuable asset during this stage. They are familiar with what to look for and how to address any issues that may arise. If there is a problem, it can be presented to the seller and any agreed-upon adjustments can be documented with an amendment to your real estate contract. This written documentation should specify the issue, the solution, and when it will be completed.
While it is best to have any repair issues addressed before you close, some repairs may not be possible until afterwards. Discuss your options with your real estate agent to see if you should delay the closing until the repair is complete or if you can have the work completed afterwards. Your agent will provide guidance and advice to make sure that you are covered. Taking these simple steps will help guarantee that your new home purchase goes as smoothly as possible.
A final walkthrough is an important step to take before closing on your home purchase. During a final walkthrough, you should inspect the condition of the property and make sure that any agreed-upon repairs have been made. You should also confirm that all appliances are in working order and that utilities are turned on. If everything looks good, you can move forward with confidence knowing that you’re getting the home you expected. However, if there are problems, be sure to address them with the seller before moving forward with the purchase. With these tips in mind, you can ensure that your final walkthrough goes smoothly and that you’re happy with your new home before closing on it.
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Richard has extensive experience in all aspects of buying and selling residential property. He has sold more than 400 homes and well over $100 million in residential real estate. There’s no need to guess. Get expert advice that will allow you to buy and sell with confidence and ease.
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