The Final Walk-Through
A: The Final Walk-Through actually doesn't happen as often as it should in New York City for some reason, as I recall a number of my clients telling me that they didn't mind going right to the closing and getting the keys to move in. However, for all those buyers out there that want to be as scrupulous as possible here are some things to look out for the day before the closing.
The final walk-through usually happens 1-2 days before the scheduled closing date for the property transaction. The buyer broker should contact the seller broker to co-ordinate the final walk though and be present with their client during the inspection. Here are a few things to look for.
1. Damage to Walls & Floors During Moveout - Chances are the last time you saw the property was with the seller's furniture inside. So, be sure to check that no damage occurred to what will soon be your new home as a result of the moving company. Be sure to check the floors and walls for major damage.
2. Appliances in Working Order - As noted in the contract of sale, are ALL appliances in full working order? Be sure to turn on and check the stovetops, oven, microwave, refrigerator/freezer, air conditioning systems, and W/D if any. Should you close the deal with one of these guys broken its now your problem!
3. Electrical Outlets Working - Bring a portable lamp or stereo so that you can plug in and check ALL the outlets to see if they function properly. If an outlet doesn't work, you are responsible for the electrician's bill!
4. Apartment / Storage Space Cleaned Out - Did the owner leave anything that you don't want? If so, its your job to pay for its removal. Be sure to check that the closets and individual storage units that may come with the property are checked and cleaned out.
If you are planning to use the final walk-through to get out of the deal or to renegotiate the purchase price, don't get your hopes up. Most attorneys would agree that unless major damage has occurred to the property since the contract was signed there is little that can be done to back out or get a lower price. Most issues turn out to be only minor scratches and defects which would be classified as normal 'wear and tear' and are relatively inexpensive to fix.
If you do indeed find a major defect or problem with the property NOW is the time to bring it up to both your buyer broker and your real estate attorney. It might delay the closing by a day or two but at least you know that you are being delivered a property that is in the same condition as it was when you signed the contract!
QUICK TIP: For Minor Wood Floor Scratches: Get the Miniwax Wood Finish Stain Marker that matches your wood floor color. It is a stain pen that easily covers up small blemishes. Just be sure have paper towel with you when you apply to the floor and wipe off RIGHT AFTER you stain the blemish. You can get this at most hardware stores.
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Comments (2)
good post.
shows the impotance of having a good lawyer toreview your contract & all the "as IS" clauses sellers throw in. Also, if you buy any property with a pool or a lawn or anything that needs regular maintence make sure your contract obligates the seller to continue these services up to closing. I had a client buy a house in the hamptons and nothing was said about cutting the grass which ended up 3 feet high at walkthru and cost the buyer a lot of money to cut.
Posted by 3 cents | April 4, 2006 4:01 AM
Yet, another awesome post!
Posted by awesome | April 4, 2006 10:53 PM