What is the definition of a Walk-Through?
Before the actual closing, home buyers can do a last tour to check the property. The buyer and their real estate agent can go through the house room by room during the final walkthrough.
First and foremost, the walkthrough allows the buyers to ensure that everything is in the same (or better) condition as the last time they visited the house. They may make sure the seller hasn’t stolen anything from the house that they shouldn’t have. The buyer can also examine if the seller has completed any promised repairs during the final tour.
How does a Final Walk-Through work?
The final walkthrough is done to demonstrate purchasers what condition the property may be expected to be in when they take possession, according to most purchase agreement clauses. The property shall stay in the same or better condition than when the offer was accepted once the contract is signed. Because the phrases and phrasing used can vary depending on local regulations, it’s crucial to contact your real estate agent to understand the tiny print’s true meaning.
Who attends the Final Walk-Throughs?
In most circumstances, the final walkthrough is only attended by the buyer and their real estate agent. The real estate agent is there to assist them with the transaction. During the tour, an agent may have a better notion of what the buyers should look for. And, if something goes wrong with the house, the realtor can guide the buyer through the following stages.
The tour is normally done after the seller has left the property. If the seller hasn’t completely moved out yet, they may be there throughout the tour. In this situation, the seller’s real estate agent will almost certainly be there.
What are the benefits of a Walk-Through?
Those who intend to undertake a walkthrough should do so within 24 hours of the closing being completed. This will prevent you from walking through the house too soon and maybe missing damage that occurs after you’ve left. It will also guarantee that anything that was intended to be left behind (according to the contract) was indeed left behind. It’s critical that the seller has left the house and taken all of their belongings with them before you do this. It will be your obligation to deal with everything that has been left behind at that time. Remember, a final walk through before closing is not the same as a house inspection.
Last Updated on 08/22/2022 by Mark Does
Financial Consultant and Author