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Dominic and Anna found the perfect house. They were thrilled when the seller accepted their offer. Following the home inspection, the seller agreed to make a number of repairs. It was now the week before the closing was scheduled and Dominic and Anna's real estate agent called to schedule the "final walk-through." Dominic and Anna were excited to re-visit the house, but they were uncertain as to what to look for during the walk-through. They needed more information.
In connection with a residential real estate sale, it is not uncommon for a buyer to "walk through" the house one or more times before the closing takes place.
Walk-Through to Inspect Repairs
If the seller has agreed to make repairs, as is sometimes the case following the home inspection, a walk-through should be done immediately following the completion of the repairs. It is best not to wait until immediately prior to closing to inspect repairs. In the event the repairs are not completed properly, there will still be time for the seller to properly complete the repairs. When a buyer conducts a walk-through to inspect completed repairs, the buyer should be accompanied by a trained professional in order to determine whether the repairs have been completed in the proper manner. The home inspector who completed the inspection on behalf of the buyer would be very helpful to have along on such a walk-through.
Final Walk-Through
Typically, in most residential real estate transactions, a walk-through occurs immediately prior to closing. It is best if the sellers have vacated the house prior to such a walk-through. In that way, the buyer can inspect the house for any damage due to the move itself. In addition, the buyer should make sure that all systems, such as air conditioning and heating, are in proper working order. Lastly, the buyer should check to make sure that the seller has fulfilled his or her obligations with regard to leaving and/or removing items.
Outstanding Issues
In the event the buyer discovers a problem during a final walk-through, the buyer should insist that sufficient funds be maintained in an escrow account to correct the problem. The closing will be consummated, but the funds will remain in the hands of an escrow agent until the dispute is resolved by the parties. Copyright 2010 LexisNexis, a division of Reed Elsevier Inc. |