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The Importance of Pre-Closing Walkthroughs in Real Estate Transactions

Posted by Anthony Serra | May 28, 2024 | 0 Comments

Pre-Closing Walkthroughs are Vital

A pre-closing walkthrough is a pivotal step in the real estate buying process, offering buyers a final opportunity to ensure that the property they are purchasing meets their expectations and the terms of the contract. This inspection, typically conducted a day or two before the closing date, serves as a safeguard against potential issues and provides peace of mind for both buyers and sellers.

Is the Property Still in the Same Condition?

One of the primary reasons for a pre-closing walkthrough is to verify the condition of the property. Buyers can confirm that the home is in the same state as when they made the offer and that any agreed-upon repairs or improvements have been completed satisfactorily. From structural integrity to cosmetic details, this inspection allows buyers to identify any discrepancies and address them before the closing.

Report Issues Promptly

In the event that issues are discovered during the walkthrough, it's essential to take prompt action. Depending on the nature and severity of the problem, buyers may choose to negotiate repairs or compensation with the seller, postpone the closing until the issues are resolved, or, in extreme cases, withdraw from the transaction altogether. Effective communication between the parties involved is key to reaching a satisfactory resolution and ensuring a smooth closing process.

Document and Photograph Issues

Buyers should document and where possible photograph any issues discovered during the walkthrough and communicate them to their real estate agent or attorney as soon as possible. This allows for timely negotiations and prevents potential disputes from derailing the closing. By addressing issues proactively, buyers can protect their investment and avoid post-closing regrets.

Most Issues Do Not Survive the Closing

The walkthrough is important also because repair issues, even those that may have arisen after the time of the inspections, are generally waived once there is a closing. In other words, a closing represents the finality to the transaction and unless a buyer can prove fraud or intentional misrepresentation of facts by the seller, a buyer will be barred from asserting any claims related to the transaction. In legal parlance, this is referred to as not surviving the closing.

Conclusion

In conclusion, conducting a pre-closing walkthrough is necessary to verify the condition of the property and address any issues before finalizing the sale. By being vigilant and proactive, buyers can navigate the closing process with confidence, knowing that they have taken the necessary steps to ensure a successful and seamless transaction, and that they are receiving a property in the condition they expected.

About the Author

Anthony Serra

Tony Serra is a passionate advocate, especially for the elderly, disabled and those of modest means who need the services of an experienced and caring attorney. For more than 30 years, Tony has been helping common, everyday folks navigate their way through life's turbulent waters. Through innovation and utilizing modern technology, Tony and his law firm are now able to offer quality legal services that at one time were prohibitively expensive, at a fraction of the cost. If you need basic legal services, such as a Will, Power of Attorney, Living Will, Special Needs Trust, real estate transactions, uncontested guardianship pleadings and much more, please visit our website and our SMART LAW legal services platform. You will be pleasantly surprised by what we offer and glad you did! Tony is also an experienced mediator and founder of the Conflict Resolution Center of NJ. Tony has specific training in family matters as well as elder law and contested guardianship and estate cases.  

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