Well, not so fast. Find out why this final step may be the most important one you make. Do you do a final walkthrough before closing? Depending on the size of the property, a final walkthrough may take just a few minutes, in the case of a small condo, or several hours, in the case of a large estate property.
What're some closing on a house problems? Major problems when closing on a home can be identified when performing a walkthrough. In addition, open cupboards, closets, and other storage areas to ensure that the homeowner has not left any belongings behind or debris for you to clean up. This is especially important if there is a shed or outbuilding on the property.
If you identify problems during the final walkthrough, you and your agent will have to head back to the negotiation table. Possible remedies include:. In a worst-case scenario, a final walkthrough may reveal problems that are too big to resolve and on which the parties cannot reach an agreement. Learn more about Endpoint or continue reading our Step-by-Step Guide for more closing day tips.
Are there any sticky doors or missing window screens? Look at all the walls, ceilings, floors, crown molding and baseboards. Are there signs of new damages after they moved out? Are all the fixtures present and in place? Fixtures are items like doorknobs, blinds and ceiling fans. If it looks like the Grinch has been through the house and unscrewed every fixture and light bulb, it can cost you a lot of unexpected cash to replace them.
Finally, is the house broom clean? You should expect a basic level of cleanliness from the seller, even if you choose to do further work on the house or give some areas a deeper scrub yourself.
Surprises can and often do crop up during a final walkthrough, even with a brand-new home. Now, the seller also has some key responsibilities by the time the final walkthrough happens. The seller should:. These days, the contract between a buyer and a seller will usually give the seller up to a few days before closing to make repairs.
Any problems after that deadline should be resolved before closing day. But life happens! What happens next? Here are some options:. You could ask for money due to the seller to be held in escrow a neutral third party until the problem is fixed. This is a good option for expensive repairs. This means the seller pays the buyer to fix the issue and closing day can go ahead as planned. You could ask for closing to be delayed until the seller arranges to fix the problem. Some title companies and attorneys might also push for a delay until the seller makes the repair.
Closing day is so important in the house-buying process. Chances are these issues are fixable within a few days. But, in the event of larger problems buyers have a couple of options. In that case, the buyers may request to delay the closing.
In other cases, the parties may agree to proceed with closing, but set up an escrow holdback account. This account allows the lender to set aside part of the home loan to be released to the seller once the repairs are completed. The lending company withholds more than the repair estimate. This is to motivate sellers to swiftly complete the repairs.
The final walkthrough is an important step in the closing process. The buyer has a last chance to review the property. Conducting a final walkthrough on a house gives every party involved peace of mind.
Also, it leads to a smooth transfer of property. Also, if you enjoyed reading this article, we would love if you could share it with a friend who you think would get something out of it. Never Miss A Post. Your submission has been received! Something went wrong while submitting the form. A new homeowner closed on her brand new house.
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