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| The Final Walk Through |
So you've bought a house. The paperwork is signed and in order,
and all that remains is your final walk through. Wait! Your job
isn't over.
The final walk through can be a crucial step in the home-buying
process. While it's true that home inspections and all other
negotiations should be taken care of well before this time
comes, the final walk through is by no means a free day. There
are a few things that you as the buyer must be aware of during
this final step in the process. Remember, the condition of your
future home is on the line.
The final walk through on a home should always occur after the
sellers have moved out, but before you go to the final closing
and receive the deed. This allows some time for any loose |
ends
to be cleared up, and it also means that with the original
owners' possessions out of the home, you'll be able to see
things as they really are. Keep in mind that at this point in
time, you have already signed the contract to purchase the home.
Now is the time to verify that everything on the physical
premises is as it was stated on the contract at the time you
agreed to purchase. Was anything damaged as the owners moved
out? Did they leave all of the appliances they agreed to leave,
and are they in the same working order as they were when you
signed? Feel free to actually walk around and inspect the house
at this point. It is your moment to point out any discrepancies
and avoid possible major headaches later.
If you do find |
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anything amiss, the final walk through gives you
the chance to settle matters with the sellers and negotiate
costs of repair or replacement on anything that has changed
since the contract was signed. In most cases, you will be
allowed to withhold the amount required for repairs from the
amount you have agreed upon for payment. This is a lot like a
security deposit in an apartment: The sellers are responsible
for keeping the condition of the house as it was on the contract
sign date, and any repairs are their financial responsibility if
they wish to uphold the contract.
If for any reason repairs needed are serious, or if the
condition of anything in the house is seriously altered, it is
possible to put off closing the sale until |
the required repairs
are made. You as the buyer have the right to have the house in
the exact condition it was in when you agreed to make the
purchase.
The final walk through is extremely important because once the
deed changes hands and the process is complete, anything you did
not take note of is no longer the seller's responsibility. So be
vigilant, bring an expert if you have to, and ask plenty of
questions. After all, your future home is worth a second look.
About the author:
Kirsten Hawkins is a real estate expert from Nashville, TN.
Visit http://www.king-of-real-estate.com/ for more information
on real estate, mortgages, and finding the house of your dream.
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