The closing of your home sale is just around the corner, and it's time for the final walk-through—a key step in the process. So, what exactly is a final walk-through for sellers?
A final walk-through is exactly as it sounds—a final inspection of the property you're about to hand over to the new owners. This is an opportunity for the buyer to spend around 30 minutes examining every nook and cranny of the property, both inside and out, to ensure everything is in proper working order before they sign the documents to purchase the home.
Here's what you should keep in mind:
The final walk-through allows the Buyer to confirm that any agreed-upon repairs have been completed as per the contract and to ensure that no unexpected issues have arisen since the initial inspection.
While it's uncommon for sellers and buyers to meet during the final walk-through, if you choose to be present, it's advisable to have your realtor there as well to facilitate the process.
Remember, the final walk-through holds significance. Even if you're confident in the condition of your home, this is a significant transaction. Taking this last opportunity to assess the property before completing the sale is a wise decision.
When Does a Final Walk-Through Occur?
Ideally, the final walk-through should take place as close to the closing day as possible, typically on the day of or the day prior to closing.
What to Keep in Mind Before the Final Walk-Through?
As a seller, it's important to recognize that there are several crucial responsibilities that fall on your shoulders as you approach the final walkthrough:
Empty and clean the entire house. It doesn’t need to gleam. It’s okay just to sweep with a broom. Give the bathrooms a quick clean, too.
Make sure you’ve made all the repairs you agreed to in the contract. You should have receipts and records of the repairs for the buyer in case they need to follow up on anything.
Make sure any appliances you’ve agreed to include in the purchase are functioning, clean and empty. Don’t surprise the buyer with leftovers from last night’s takeout in the fridge!
Finally, review the purchase agreement so you’re reminded of what you agreed to leave behind. After all, you’re busy moving out and have a lot going on—just like the buyer!
Problems During the Final Walkthrough
As you get ready to finalize the sale, there's usually a set time for you to complete the repairs agreed upon in the contract. But sometimes, unexpected things come up. Imagine if the basement's electrical outlets, part of the repair deal, aren't fixed yet. What can you do?
Here are your choices:
Money in Escrow: If the repair is a big job, you might suggest putting some money aside (in escrow) until it's done. This protects the buyer and keeps the closing process moving. For smaller fixes (like around $100), you could give the buyer money to do the repair.
Closing Date Change: You could ask for more time before closing, so you can fix the issue. The buyer's title company or lawyer might help with this.
Agree Later: If changing the closing date doesn't work, both sides could agree to fix the issue after closing. This helps everyone know what's going to happen next.
Closing day is really important, and nobody wants to delay it. Taking care of problems before closing makes things go smoothly for everyone.