Purchasing real property is a relatively lengthy process. Buyers often personally inspect the property at least twice. They may also need to pay for an appraiser and an inspector to check the property’s condition.
After touring the property initially, buyers may assume that they know about any significant defects. After waiting weeks between submitting an offer and going to the closing table, they might want to bypass the final walk-through.
Typically, buyers and their agents perform one more inspection of the property before going to closing to sign the mortgage and deed paperwork. Skipping the final walk-through can be a major mistake that can lead to expenses and frustration later.
Sellers and movers can damage the property
The reason that final walk-throughs exist is to ensure that the property is still in the same general condition at the time of closing that it was in when the buyer first made their offer. Sellers moving their property out or the professionals they hire to provide moving services can potentially damage the property.
Moving can lead to broken windows, damaged hardwood floors and holes in plaster or drywall. In some cases, sellers may leave with items included in the sale agreement. They might remove and replace attractive, valuable fixtures or appliances that the buyer negotiated to purchase with the home.
By walking through the property and checking everything from the attic to the appliances, buyers can potentially identify issues that have arisen since they initially viewed the property. They can then attempt to address the issues they uncover with the seller.
Sellers or the moving companies that they hired may have to pay for repairs. They may also need to return items included in the purchase agreement but removed from the property. If the seller refuses to cooperate, then the buyers may need to consider canceling the transaction. So long as they included the rights contingencies in their offer, the buyers could cancel the closing over damage or missing items without risking their earnest money.
Understanding the importance of every step in the real estate purchase process can protect people from scenarios in which they overpay or do not receive a property in the condition that they expected. Buyers often need help learning about their rights and integrating appropriate protections into the offers that they make on properties.
