Home Buying Tips: Final Walk Through - Mortgage Moment

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You're just hours away from closing on your new house. What should you be doing? You should be going on a final walkthrough inspection of the property. Your sales contract should include a clause that lets you examine the property within twenty-four hours of closing. It's one more way you can protect yourself from frustration and possibly even fraud. For instance if your sales contract says that the seller is responsible for making sure that the house's major systems, plumbing, heating, cooling, mechanical and electrical, are in working order at closing time, the final walkthrough is your last chance to see if the seller came through on his promises. Usually the real estate selling and listing agents will accompany you on the final walkthrough inspection. As you go through the house and around the property, you should note in writing any remaining problems as well as any new problems you find like dents or gouges left by careless movers. If the problems can't be corrected by closing time, the settlement attorney may decide to withhold funds from the seller to pay for the agreed upon repairs. And if you discover major problems or violations of the contract during the walk through, you have the right to delay closing until the problems are corrected. You'll probably be busy and a little nervous the day before you close on your new house, but don't let that stop you from doing a thorough walkthrough. It's your chance to make sure that the house and the property you intend to buy are what you actually get.

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