A final home inspection walkthrough allows you to ensure that everything is in order before you move in after closing day.
You’ve received the clear to close from your lender, the closing is scheduled, all that’s left is to retrieve your new keys, right? Well, not so fast. There’s one more visit you need to make in the day before closing -- the final walkthrough. Find out why this final step may be the most important one you make.
Do you do a final walkthrough before closing? Though it’s not required by law, in most real estate transactions a final walkthrough is part of the standard process prior to closing. Both the buyers and the sellers will be expected to sign off on the home’s condition with a final walkthrough form before the new buyers take possession.
The final walkthrough serves a variety of purposes, including:
Depending on the size of the property, a final walkthrough may take just a few minutes, in the case of a small condo, or several hours, in the case of a large estate property.
Although the final walkthrough is not an opportunity for an additional home inspection, you should make a survey of the home’s systems and finishes in order to ensure that everything is intact and working as it should. Your real estate agent should attend the final walkthrough with you in order to make note of issues that arise and contact the seller’s agent in case of any problems. What're some closing on a house problems? Major problems when closing on a home can be identified when performing a walkthrough.
Here are our tips for your final walkthrough checklist:
In addition, open cupboards, closets, and other storage areas to ensure that the homeowner has not left any belongings behind or debris for you to clean up. This is especially important if there is a shed or outbuilding on the property.
If you identify problems during the final walkthrough, you and your agent will have to head back to the negotiation table. Possible remedies include:
In a worst-case scenario, a final walkthrough may reveal problems that are too big to resolve and on which the parties cannot reach an agreement. While this outcome is rare, there is a reason that real estate professionals always say that a real estate transaction is not over until it’s over.
You’ll enjoy greater peace of mind and a streamlined closing process when you work with Endpoint. Powered by the latest technical innovations and the experience of our parent company, First American, you’ll experience the joy of an effortless close.
Learn more about Endpoint or continue reading our Step-by-Step Guide for more closing day tips.