Typically, the final walk-through is attended by the buyer and the buyer's real estate agent, without the seller or seller's agent present. This gives the buyer the freedom to inspect the property at their leisure, without feeling pressure from the seller.
Expect a final walk-through to take at least half an hour or a few hours if the house or property is large. It's important to take your time during your walk-through to ensure the home is in the condition you'd expect it to be in before you're the homeowner.
On average, a house sells better when staged rather than empty. In fact, in 2023, professionally staged homes spent 73% less time on the market than those without staging. Also, staged homes on the market sold for 25% more than homes without staging.
Any items not removed are regarded as junk/trash, and a price to have them thrown away is discussed at the closing table, usually with the seller writing a separate check for the estimated disposal.
The most common structural damages to occur in a vacant home include: Leaky, broken, or frozen pipes. Mold. Termites and other insects or animals.
Who Attends A Final Walk-Through? In most cases, the buyer and their real estate agent attend the final walk-through. You shouldn't complete the process without your agent since it's their job to be familiar with the process and the home and to advocate on your behalf.
You and any other co-borrowers. The seller of the property or their agent. Your real estate agent and the seller's real estate agent. Real estate agents are not required to be at the closing, but may choose to attend to make sure that the closing transaction goes through.
What can homebuyers do if there's a problem during the walk-through? The first step is for the buyer's agent to inform the seller's agent of the problem. Typically, the seller will take care of things to move the transaction along, says Delaney.
A buyer can back out of a home purchase even after signing a contract if all agreed-upon contingencies are not met. Common reasons for buyers to back out include issues revealed during a home inspection and problems with financing. Having a backup offer in place can help soften the blow in case a deal falls through.
On closing day itself, the homebuyer must sign a lot of paperwork that finalizes the deal. Often, many other parties are present for closing day, including the seller, the lender, real estate agents, the closing agent and an attorney who will review the paperwork being signed.
Key Takeaways:
You won't receive the keys to the home until closing day, which is the last day of the closing process. This is the final day when you and the seller will meet to sign the remaining paperwork. The new deed and mortgage documents will be recorded with the county, making the sale official.
Buyers have a right to inspect their homes before buying them. This right is (usually) written into the purchase agreement. Sellers should be aware that refusing a walk-through could result in the buyers withdrawing and/or suing for damages.
A title and escrow company can be ready for your closing any time, day or night, after hours, or even on weekends. Of course, finding a closing company willing to work outside office hours or on weekends is the key. Not all title and escrow companies will accommodate their clients in this way.
Your Construction Manager has reviewed any concerns you noticed during the New Home Orientation, and this final walkthrough will allow you to review any changes and ask questions. This walkthrough typically lasts 30 to 45 minutes, and at the end, you will sign off on the list indicating your new home is complete.
Some buyers may be able to negotiate an immediate possession date. This means as soon as the transaction is closed and the deed is recorded, the buyer can move in. A few other common buyer possession dates may be 15 days, 30 days, 60 days, or even 90 days after closing, depending on how much time the seller needs.
Closing costs are paid according to the terms of the purchase contract made between the buyer and seller. Usually, the buyer pays for most of the closing costs, but there are instances when the seller may also have to pay some fees at closing.
On closing day, one of the first things you should do is pack for your move, if you haven't already. Depending on how long you've been in your current house and how many possessions you've accumulated, boxing everything up may be a Herculean task.
How long does a final walk-through take? A final walk-through typically lasts between 15 minutes to an hour. The duration depends on the property size, the number of agreed-upon repairs to verify, the thoroughness of the buyer's inspection and the buyer's familiarity with the property.
The final walkthrough gives you time to confirm that the seller made agreed upon repairs, and to check that no new issues have cropped up since the home inspection (which happens earlier in the house-buying journey). It's really rare (and often really awkward) for the seller and buyer to meet on final walkthrough day.
The final walk through is not required by law - however, as a buyer, you should be highly motivated to complete this. You want to make sure everything is in working order as expected, and that nothing has gone wrong as a result of the former owner vacating the property (if indeed they are no longer there).
Most standard home insurance policies will cover an empty property for only 30 to 60 days.
If you don't clean your home before moving out, it will make it harder for the next person who moves in. If the place is dirty or needs repairs, the landlord or property manager might have to wait to show it to people who want to move in. This could mean they lose money, and you might have to pay for it.