Sunday, December 16, 2007

Ask Erin: Final Walkthrough

I did a final walkthrough with a client this client is purchasing a bank-owned property where the seller did no repairs, and the property is being sold as-is. We were basically there to make sure the house was still standing.

Under normal circumstances, with a non-bank seller, the final walkthrough serves a more clear purpose. The purpose of the final walkthrough is to verify the condition of the property. The buyer is there to make sure that any negotiated repairs have been completed by the seller, and that the house has been otherwise maintained in condition you first saw it in. The final walkthrough is not a contingency of the sale - just a verification of completed repairs and that the property has been maintained. If the seller damages something during their move out, then yes they should be on the hook to repair it. The seller's personal property does not have to be removed until the close of escrow, unless both parties have agreed to another scenario. If they used their personal belongings to conceal defects that were not disclosed to you (like a hole in the drywall under a hanging photo, or something like that), that is an entirely different can of worms.


1 comment:

Anonymous said...

who would really hang pictures over holes in the wall?,0,6106569.story