Final Walk-Through The Value of Your Contract
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
The Importance of Your Final Walk-Through: Maximizing the Value of Your Contract
Summary:
A final walk-through is a crucial step in a real estate transaction. To make the most of it, ensure you fully understand the terms of your purchase contract.
Understanding Your Contract
During a real estate transaction, the final walk-through is a vital step before closing. It ensures the property matches the terms outlined in your purchase contract. If discrepancies arise, your contract's terms can provide leverage.
Key Areas to Inspect
When you signed the contract for your new home, several specifics were detailed. During your walk-through, make sure these elements are as promised:
- Condition of the Property: If there’s a hole in the wall caused by moving furniture, the property isn’t in the condition agreed upon in the contract.
- Functionality of Systems: Check all major systems and appliances:
- Fill the Jacuzzi tub to see if the jets work.
- Run the dishwasher to check for leaks.
- Test the stove burners to ensure they heat correctly.
- Confirm the heating and air conditioning work properly.
Preparing for the Walk-Through
Allocate ample time?"usually an hour to an hour and a half?"to thoroughly inspect the property. Approach the process methodically and professionally. If the contract includes conditions that require third-party verification (like servicing the HVAC system), request proof of completion, such as a paid bill, at the settlement.
Addressing Discrepancies
If you uncover issues:
- Minor Issues: Consider whether small problems are worth addressing or can be fixed easily.
- Major Issues: Substantial problems should not be ignored. One option is to proceed to settlement while requesting a specific amount of money be held in escrow by a neutral party. This ensures funds are available to address any repairs, with the remainder returned to the seller.
- Refusal to Escrow: If the seller objects to the escrow arrangement, propose delaying the settlement until repairs are completed. This should be documented as an addendum to your contract.
Maintaining Fairness
Using the walk-through to alter contract terms is unfair. However, if the walk-through reveals unmet terms, addressing these to ensure compliance is both fair and necessary.
Most walk-throughs proceed without issue. Here’s hoping yours is smooth and straightforward.
You can find the original non-AI version of this article here: Final Walk-Through The Value of Your Contract.
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