What Is A Final Walk-through?
By Raynor James, Fri Dec 9th
The notion of a "final walk-through" seems to confuse bothbuyers and sellers of homes. Here is an explanation of awalk-through.
Walk-Throughs
What is a walk-through? What is its purpose? Is it important orjust a formality? Can it be used to re-negotiate the terms ofthe contract at the last minute? Let's look.
Typically the buyer just before settlement conducts a
finalwalk-through. The idea is to be sure the seller is deliveringthe home to the buyer in the condition they agreed to under theterms of their contract. Therefore it includes checking onanything the contract says about the condition of the property.
One requirement often seen in contracts about the condition ofthe home at time of settlement and possession by the new owneris that it will be "in substantially the same condition" as onthe date of the contract. Another frequent requirement is thatit will be "broom clean." Still another is that all the workingparts 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 newcarpeting to be installed, gutters to be cleaned out, and HVACsystems to be "professionally serviced and filters changed."
Read Your Contract
It's a good idea for both buyer and seller to review theircontract paying attention to what is said about the condition inwhich the home will be delivered. Those are the things thatshould 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 yourchance to get any problems straightened out.
About the author:Raynor James is with http://www.fsboamerica.org - FSBO homes forsale by owner. Visit our "sell my home" page athttp://www.fsboamerica.org/seller.cfm to sell your own homeyourself with a free 1 month listing.
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