Knowledge Mondays – Final Property Walk Through

After entering into a purchase contract and satisfying all the conditions before closing, a buyer’s final step before signing at closing should be conducting a final walk through. The purpose of the final walk through is to make certain that the property is in the same condition as when you initially agreed to purchase it. The walk through is the final inspection before you make your purchase official, therefore it is crucial that you test all the appliances, check for water leaks, test the air conditioning, and inspect the ceilings and walls. Through this walk through a buyer should make sure that everything is in working condition and that any agreed upon repairs were completed. This final walk through can be completed a few days or a few hours before the closing date and time.

If during the walk through you encounter unresolved or new issues with the home, the first step should be to contact the listing agent to alert them. If the issue can be resolved with the seller, your closing should not be delayed. For example, if during the walk through you notice that the kitchen faucet is broken and you speak to the seller, he/she might be able to resolve the issue immediately by just buying a new kitchen faucet or providing the credit during closing.

On the other hand, issues may arise during a walk through that changes a buyer’s perspective on the property. There are major issues that may arise that cannot be resolved before closing. If this is the case the buyer may be able to walk away from the purchase of the home. Most purchase contracts contain a clause that requires the seller to deliver the property in the same condition as when the contract was signed. Thus, If the seller provides a property that is not in the same condition and the issue cannot be resolved through negotiation, a buyer may walk away from the property.

If you would like to discuss your property purchase contract, schedule a consultation with the experienced attorneys at Alvarez Law Group today. Call us at (786) 620-2820 or email to schedule a consultation.

*Disclaimer: this blog post is not intended to be legal advice. *

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