A final walkthrough in real estate is a crucial step in the homebuying process that occurs shortly before the closing of a real estate transaction. Its primary purpose is to allow the buyer to inspect the property one last time to ensure it is in the condition they expect and that any agreed-upon repairs or conditions have been met. Here are the key reasons why a final walkthrough is essential:
Property Condition Verification
The buyer can verify that the property is in the same condition as it was during previous visits and as specified in the purchase agreement. This includes ensuring that no unexpected damage or issues have arisen since the last inspection.
Ensuring Repairs are Completed
If the seller previously agreed to make specific repairs or address certain issues as part of the negotiations, the final walkthrough provides an opportunity to confirm that these repairs have been completed.
Checking Fixtures and Inclusions
The buyer can ensure that all fixtures, appliances, and items included in the sale, as outlined in the purchase agreement, are present and in working order. This may include items like kitchen appliances, light fixtures, and window coverings.
Reviewing Personal Property Removal
The final walkthrough allows the buyer to confirm that the seller has removed all their personal belongings from the property and that it is vacant as agreed upon.
Utility Transfer and Accessibility
The buyer can ensure that the utilities are working, and they may also check the accessibility of important features such as the electrical panel, water shut-off valves, and other vital systems.
Explanation of Home
Though not as important, the final walkthrough gives the seller the opportunity to explain complicated utilities and provide the names of services, give specific maintenance tips for the care of the home, and identify particulars like paint colors.
Preparing for the Closing
The final walkthrough helps the buyer prepare for the closing by identifying any last-minute issues that need resolution. This can help prevent delays or disputes on the day of closing.
Peace of Mind
It offers the buyer peace of mind that the property is in the expected condition before they officially take possession and assume ownership.
If any issues or discrepancies are discovered during the final walkthrough, the buyer can work with their real estate agent to address them before closing. Ultimately, the final walkthrough is a critical step in ensuring a smooth and successful real estate transaction by confirming that the property meets the buyer's expectations and that all terms of the agreement have been met.
