A final walk through in a home is a buyer’s right that should never be waived. Buyers of a home that have not yet taken physical possession of a home still have a right to the property. That right is an called an “Equitable interest.” This article is about The Importance of A Final Walk Through When You Are Buying.
First of all a final walk through isn’t a home inspection, and it is not another opportunity for new negotiations via a second home inspection. The final walk through of a home allows the purchaser to examine the home is in the same condition as the day they placed a purchase offer on it. It is also an opportunity to examine that items that were to be corrected or repaired ( As per an an inspection with a right to request repairs), touch ups, and promised upgrades have been installed as in accordance of the terms of the contract. The final walk through should never be waived. In accordance with Georgia State law…closing is an acceptance of all items unless otherwise addressed in writing or at closing.
If the final walk through is unremarkable, the home buyer upon completion can proceed to closing. It is a non event. However, the final walk through allows identified unacceptable smaller items may be corrected prior to closing, (a builder’s punch list) or a closing may be postponed for an unacceptable conditions until they are set right. If major items cannot be completed prior to closing, escrows can be placed aside until they are completed. However these days that may not be allowed with many new lender guidelines.
The importance of the final walk-through was drove home by my first real estate instructor Dorothy Tymon. She shared with the call that a property she had purchased the seller was balking and stalling on allowing her into the property prior to closing. When she was finally able to gain access to the property she found there had been a major fire. The property was gutted, but since it was a very valuable piece of property, she had an interest in the insurance monies that would restore the property to the condition it was in when her offer was accepted! It was a point I never forgot. Life can change at a moment’s notice and a storm, fire, flood or act of God can change the condition of the property. Damage can occur as items are moved out of the property. If nothing is amiss, there is a lot to be said for the ‘peace of mind’ a final walk through can bring. For those that have waived a final walk through – regrets, and resentments may follow.
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO
A couple of tips that I can add to Jim’s is that you should take your camera to the listing when you know that you are going to make an offer and take pictures.
Use the pictures against the walk through.
We hope you enjoyed our article about The Importance of A Final Walk Through When You Are Buying.