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The Final Walk
Through
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So you've bought a house. The paperwork
is signed and in order, and all that remains is your final walk through.
Wait! Your job isn't over.
The final walk through can be a crucial step in the home-buying process.
While it's true that home inspections and all other negotiations should
be taken care of well before this time comes, the final walk through
is by no means a free day. There are a few things that you as the buyer
must be aware of during this final step in the process. Remember, the
condition of your future home is on the line.
The final walk through on a home should always occur after the sellers
have moved out, but before you go to the final closing and receive the
deed. This allows some time for any loose ends to be cleared up, and
it also means that with the original owners' possessions out of the
home, you'll be able to see things as they really are. Keep in mind
that at this point in time, you have already signed the contract to
purchase the home. Now is the time to verify that everything on the
physical premises is as it was stated on the contract at the time you
agreed to purchase. Was anything damaged as the owners moved out? Did
they leave all of the appliances they agreed to leave, and are they
in the same working order as they were when you signed? Feel free to
actually walk around and inspect the house at this point. It is your
moment to point out any discrepancies and avoid possible major headaches
later.
If you do find anything amiss, the final walk through gives you the
chance to settle matters with the sellers and negotiate costs of repair
or replacement on anything that has changed since the contract was signed.
In most cases, you will be allowed to withhold the amount required for
repairs from the amount you have agreed upon for payment. This is a
lot like a security deposit in an apartment: The sellers are responsible
for keeping the condition of the house as it was on the contract sign
date, and any repairs are their financial responsibility if they wish
to uphold the contract.
If for any reason repairs needed are serious, or if the condition of
anything in the house is seriously altered, it is possible to put off
closing the sale until the required repairs are made. You as the buyer
have the right to have the house in the exact condition it was in when
you agreed to make the purchase.
The final walk through is extremely important because once the deed
changes hands and the process is complete, anything you did not take
note of is no longer the seller's responsibility. So be vigilant, bring
an expert if you have to, and ask plenty of questions. After all, your
future home is worth a second look.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with real estate; visit
http://real-estate.online-business-idea.com
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