As anyone who's been through the process of buying or selling a home can attest, the final walkthrough is a crucial step that ensures both parties are satisfied with the transaction. However, often overlooked in the excitement of closing the deal is the importance of verifying all essential paperwork. Here are five crucial tips to make your final walkthrough a breeze:
1. Review the Inspection Report
- Ensure Repairs are Done: Before you even step foot in the property, make sure that any agreed-upon repairs or fixes have been addressed by the seller. Reference the inspection report to check off items one by one.
🔍 Note: Remember that the inspection report can be your roadmap for the walkthrough, guiding you to check specific areas where issues were noted.
2. Verify Inclusions and Exclusions
- Double-Check the Fixtures: Verify that all items listed in the purchase agreement as staying with the property are indeed present. This includes appliances, lighting, and fixtures.
- Check for Exclusions: Ensure that items the seller agreed to remove are not left behind, which could otherwise become a costly cleanup or storage issue for you.
| What to Check | Inclusions | Exclusions |
|---|---|---|
| Kitchen | Refrigerator, Dishwasher | Personal decorative items |
| Bathroom | Shower curtain rods, Towel racks | Shampoo bottles, Toiletries |
3. Confirm Utilities and Services
- Turn on Utilities: It’s vital to check that the water, electricity, gas, and other services like the HVAC system are functioning correctly. These utilities must be running so you can test them during the walkthrough.
- Contact Providers: Verify that the utilities have been transferred or will be switched to your name as per the closing agreement.
4. Check for Any Documentation or Warranties
- Transfer Warranties: Inquire about any warranties on appliances, systems, or recent home improvements. You want these documents in hand or assurances that they will be provided at closing.
- Permits and Compliance: If there have been recent home improvements or additions, verify that the necessary permits and certifications have been obtained.
📜 Note: Warranties provide peace of mind and can be especially valuable for major appliances or systems.
5. Examine the Settlement Documents
- Settlement Statement: This document outlines all the financial transactions involved in the sale. Ensure every detail, from credits, debits, to the total closing costs, matches the agreements made.
- Transfer Documents: Ensure the title is clear and that the transfer documents are prepared. This includes checking for any outstanding liens or disputes.
Through diligent verification and preparation, you can enter the final walkthrough with confidence, knowing that the home is ready for you to move in. It's about more than just checking off a list; it's about making sure every detail has been addressed so that your move-in process is as seamless as possible.
What happens if repairs are not done before the final walkthrough?
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You have several options including requesting the seller to complete the repairs, deducting the repair costs from the closing price, or even canceling the sale if the condition of the property is significantly different from what was agreed upon.
Can I request extra time to do the walkthrough?
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Yes, especially if there are complications or if you need more time to verify repairs. It’s best to coordinate this with your real estate agent to ensure it can be scheduled before closing.
What are some common issues found during a final walkthrough?
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Common issues include:
- Appliances not functioning as expected
- Fixtures or systems not installed or repaired properly
- Signs of unexpected damage or neglect
- Items listed as staying with the home are missing.
