The moment has arrived! After what was likely a competitive home search, you have gotten through the inspection period, negotiations, property appraisal, and the loan commitment. Now you are set for closing day and the only item remaining is the final walk through of the property prior to going to the closing table.
A final walk through is the time to confirm that non-subjective contractual obligations of the seller, such as specific repairs, have been met. While this is an exciting time, the walk through is an important step that should not be overlooked. Typically, a final walk through is conducted on the morning of the closing. However, it may also be conducted 24 to 48 hours prior to closing.
The final walk through checklist
- Confirm that the seller has completely moved out of the property.
- Confirm that any previously agreed upon repairs have been completed.
- Confirm that all appliances are on the premises and in working order per the contract agreement.
- Confirm that the seller left behind all manuals and instructions for appliances and fixtures.
- Confirm that all windows, doors, & locks are functioning normally.
- Test the HVAC system to confirm it is operational and functioning normally.
- Test all faucets and drains to ensure the plumbing is in working order.
- Inspect the home to ensure there is no damage from when the seller moved out.
- All personal items of the seller have been removed from the interior and exterior of the home.
- Confirm that any garage door openers and keys have been left behind either in the home or with the listing agent.
What to do if you find issues at the final walk through
It is possible that you may discover an issue during the final walk through. If this is the case, the first step should be to ensure that this issue would indeed be a violation of the contract agreement. The good news is that typically these issues are not too big that they can not be resolved with the seller. One of the more common issues that arises is that the seller is not able to move out of the property by the closing date. If this is the case, you could either delay the closing date or enter into a lease agreement with the seller so that you receive rent from them after the scheduled closing date. Another common item cited during a walk through is damage to the property. If this is the case, you could have the seller agree to make the repairs to the property or negotiate to have the purchase price reduced by the cost of repairs. Most of the time, the seller will want to address any items cited in order to not delay the closing.
The final walk through is typically a positive experience for buyers. As a best practice, buyers are encouraged to bring a copy of their purchase contract and a checklist for items to be inspected. In particular, if there were any repairs that the seller had agreed to make prior to closing, this is the time to confirm completion. Lastly, it is also a good idea to bring a flashlight to the final walk through. This will be particularly helpful for inspecting areas of low light such as the attic.
At Live South Florida Realty, Inc. we have assisted many clients build their real estate investment portfolios. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!