The final walk-through means you are almost there. The final walk through is usually completed by the buyer previous to signing the closing documents. However, there are times when the documents are signed before the final walk through usually indicating the buyer foresees no issues as the property proceeds to close of escrow, but not in all cases.
There is a final walk through document provides for three options
- The buyer finds the property to be as represented at the time of the Purchase Contract.
- The buyer finds the property to be as represented at the time of the Purchase Contract with the following exceptions.
- The buyers waves their rights to the final walk through.
The Final Walk Through – A Real Plus for Sellers
Some sellers at this point want the whole process to be done. They have been through the inspection period, fixed things that needed to be fixed and they don’t want anything else to come up that might some how delay closing. There is often an attitude of “Why is there a final walk through we have fixed everything we are going to fix, what is the purpose of this?”
The purpose of the final walk through is two fold. From the sellers perspective it is the final signing off by the buyer that they are satisfied the property is in the same condition as when they made the offer. However, if there are things the buyer wants to see changed or fixed they have a place to list those items which are not satisfactory.
The final walk through helps document for the seller the buyer’s acceptance of the condition of the property.
The buyers signs the “Buyer’s Walk Through/Final Inspection” document and a copy is provided to the seller.
This provides documentation for the seller that the buyer was satisfied with the condition of the property. This is a good thing to have on the part of the seller for any issues or concerns which might be brought by the buyer later.What
Why would the Buyer have things on the exceptions list?
There are a number of reasons something might end up on this list. Here are some examples of possible issues to be resolved.
- Anything agreed to be fixed or repaired in the BINSR that is not yet fixed or repaired
- While moving out the carpets were strained or torn
- Holes were put in the wall during the moving process which need to be repaired
- The appliances which were in the home have been replaced with less expensive ones
These are all reasons the buyer might have things on their list.
Most of the time if something happens to the home during the moving process they want to restore this to the condition at the time of the purchase contract.
Sellers Things to consider:
One of the easiest bullets to dodge in this process is making sure you repair or fix any damage that was caused to the house during the moving process.
- Holes in the wall from taking down pictures fix them
- Make sure you have matching paint on hand for wall repairs
- Clean the carpets and floors after the movers have left
- Leave the house clean and free of junk or debris
- Don’t switch out appliances or fixtures at the last minute (I hope I didn’t need to put this on the list)
As the seller if you have taken precautions to preserve the condition of the home the final walk through is nothing to be afraid of or fear in anyway. It one of the final steps in the transaction process and provides you the opportunity to show the pride of home ownership that attracted the buyer in the first place.
Why the Bear? Sellers should be happy the buyers take the opportunity to do the final walk through and sign off on it. At the very least sellers should grin and bear it. : )