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What Is a Final Walk-Through?

 

Title: What Is a Final Walk-Through?

Author: Raynor James

Article:
The notion of a "final walk-through" seems to confuse both
buyers and sellers of homes. Here is an explanation of a
walk-through.

Walk-Throughs

What is a walk-through? What is its purpose? Is it important or
just a formality? Can it be used to re-negotiate the terms of
the contract at the last minute? Let's look.

Typically the buyer just before settlement conducts a final
walk-through. The idea is to be sure the seller is delivering
the home to the buyer in the condition they agreed to under the
terms of their contract. Therefore it includes checking on
anything the contract says about the condition of the property.

One requirement often seen in contracts about the condition of
the home at time of settlement and possession by the new owner
is that it will be "in substantially the same condition" as on
the date of the contract. Another frequent requirement is that
it will be "broom clean." Still another is that all the working
parts of the home (such as heating and cooling systems,
plumbing, appliances that convey, electrical systems, etc.) be
"in normal working order."

Sometimes contracts and addenda to them require things like new
carpeting to be installed, gutters to be cleaned out, and HVAC
systems to be "professionally serviced and filters changed."

Read Your Contract

It's a good idea for both buyer and seller to review their
contract paying attention to what is said about the condition in
which the home will be delivered. Those are the things that
should get attention at the walk-through.

While walk-throughs are a formality of closing or settlement,
they are not something you should take lightly. This is your
chance to get any problems straightened out.

About the author:
Raynor James is with http://www.fsboamerica.org - FSBO homes for
sale by owner. Visit our "sell my home" page at
http://www.fsboamerica.org/seller.cfm to sell your own home
yourself with a free 1 month listing.

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