What an exciting day; the day you close your new home! A few days before, her REALTOR called to schedule the date and time for the last tour. You thought, “This is great! I needed to check the paint color in the kitchen and my parents want to see the house.” But that’s not what the final run is for. This is your last chance to view the property before you sign on the dotted line and close the sale. It is a date taken seriously. You must concentrate and examine the state of the property one last time.
The purchase agreement signed in the state of Minnesota requires the seller to guarantee that the mechanical systems, including: central air conditioning, heating, plumbing and wiring, are in good working order on the date of closing. It also assures the buyer the right to a review of the property prior to closing. This is not something to give up. A few years ago, there was a news report of first-time buyers who had just closed on their new home. They intended to move in right after the closing, but arrived to find a nightmare. In the time since I’d seen the house and drawn up a purchase agreement, a pipe had burst and the entire house was flooded. They skipped the final run because they felt it was a waste of time. They became the proud and very frustrated owners of a huge mess. Although they may have legal recourse to repair the home, these buyers would have been in a much better position if they had negotiated with the seller prior to closing. Or in the case of this extreme damage, the buyers may not have signed the final documents to purchase the home.
Each buyer should make a final tour of the home as close to closing as possible. I suggest to my clients that we schedule the tour immediately before closing. We meet an hour before at the house to review the state of the property and then go directly to the closing. Any issues are noted and I immediately contact the seller’s agent so they have time to discuss the situation with their seller prior to our arrival. The walkthrough just before closing doesn’t eliminate all the surprises a new buyer might face.
But it significantly reduces the chance of shutting down in an unknown disaster. Here’s a quick guide to some of the areas to consider during a final walkthrough. ultimate walkthrough guide
Double check the paperwork **Are all work orders complete?
exterior review **Please inquire for exterior changes since purchase agreement.
plumbing review **Review any plumbing changes since purchase agreement.
Review of the interior rooms **Inquire for interior changes since purchase agreement.
electrical review **** Check if there are any changes in the electrical system since the purchase agreement.
Review of furnaces and air conditioning Attic and basement inspection **Ask for any changes from the purchase agreement.
The final tour should be done with a COMPLETE CHECKLIST and an organized plan. After an inside and out walkthrough of the house with a checklist, you’re back to the exciting part of that final tour… Will the new sofa look better here or there?