Most people believe the biggest obstacle in a real estate transaction is the agreement on the price between the seller and the buyer but that is quite misleading. One oversight many buyers have is with the condition of the property as some anticipate it to be different from what they see when they finally take possession. Sadly, this usually culminates into a dispute, although even in situations where concerns are valid, there’s not much to be done when the transaction has closed.
Becoming familiar with the purchase agreement is one of the ways the buyer can better understand what these specific terms and conditions include. Most purchase contracts will state in formal legal terms that the final walkthrough is done to show buyers what condition the property can be expected to be in upon possession. As soon as the contract is signed, the property should remain in the same or better condition when the offer was accepted. The terms of the contract are incredibly important for both parties that are involved in the transaction. If the buyer is interested in adding additional terms, such as those that guarantee repairs will be done, then those must be agreed to and incorporated into the contract before both parties sign.
You should plan to do a walkthrough, and this should occur within 24hours after the closing is finalized. This is so that you don’t walk through the home too early and potentially miss damage that occurs after you leave. Furthermore, it will ensure that anything that was supposed to be left behind as per the contract has actually been done. Again, it’s imperative that this is done when the seller has vacated the home and carried all their personal items along. If anything is left behind, it becomes your responsibility. Unless the home is 100% empty when the walkthrough is done, it’s very unlikely you will notice the holes in the walls, scratches on the paint or flooring blemishes when you walk the home.
It is important to point out that, a final walkthrough is not the same as a home inspection where you spend a long time looking at the details of the property. During a walkthrough, you are only trying to determine whether the home has been still taken care of after the ink has dried on the contract.
For the homebuyer, a final walkthrough is a chance to see their new home right before they close. It provides the opportunity for them to confirm if the house is in the same condition as it was when they first completed an inspection.
The final walkthrough is not mandatory but highly recommended to avoid surprises.