The Final Walk Through - Buyers Perspective
July 20, 2008
Post Tags: buyers-perspective , final-walk-through , inspection-period , purchase-contract
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“I can skip this.” should never be your response to the final walk through.
No matter how good you feel about the sellers and the rapport you have established you should do the final walk through and arrange for it before you sign the documents to close escrow.
Here is a quick review from The Final Walk Through - Sellers Perpective
There is a final walk through document provides for three options
- The buyer finds the property to be as represented at the time of the Purchase Contract.
- The buyer finds the property to be as represented at the time of the Purchase Contract with the following exceptions.
- The buyers waves their rights to the final walk through.
Why would the Buyer have things on the exceptions list?
There are a number of reasons something might end up on this list. Here are some examples of possible issues to be resolved.
- Anything agreed to be fixed or repaired in the BINSR that is not yet fixed or repaired
- While moving out the carpets were strained or torn
- Holes were put in the wall during the moving process which need to be repaired
- The appliances which were in the home have been replaced with less expensive ones
These are all reasons the buyer might have things on their list.
These are all reasons why you as the buyer want to exercise your right as a buyer to do the final walk through.
Don’t stick you neck out and find yourself in a situation where you are unhappy with the property and you have waved your rights to the final walk through.
July 22nd, 2008 at 1:45 pm
Can you do an article about buyer’s earnest money and when it is given to the seller if the buyer backs out?
July 22nd, 2008 at 3:13 pm
Jim,
There are enough “It Depends” to make a whole box full. There are a lot of different scenarios and it depends on the contact, where each party is in the process.
I can tell you it is the Title Company that makes the final decision and each party has an opportunity to petition the Title Company for why they should receive the earnest money.
We will work on an article yet this week on the subject.