It's the final countdown....one of the very last steps. What is it and why is it important?
The final walkthrough is completed by the buyers and is one of the very last steps before closing escrow. It is NOT a contingency of the sale. See the link below to watch our Tip Tuesday on this subject.
In the beginning, when you signed the California Residential Purchase Agreement, paragraph 11 mentions that the property should be in the same condition as when you went into contract. All personal belongings and debris would need to be removed. This Final Walkthrough is to verify that has been upheld.
You'd would complete your final walkthrough somewhere around 5 days before the close of escrow. That way if there are corrections that need to be made, there is some time to fix them before the close of escrow.
For example, if the window was broken from a neighbor playing ball, or the occupants leave a wood pile in the backyard, you would note that on the final walkthrough. It would be the seller's responsibility to fix the issues.
If the buyer decides to waive their right to conduct a final walkthrough, then any of those things mentioned above would be the buyers responsibility to take care of.
So do NOT skip out on this important step. And congratulations because after this step, you are VERY close to the finish line!
What is a Contingency? | Tip Tuesday https://homesbyhenson.net/blog/post/1185161
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Hi, we're Chantel Henson and Betty Stringer and we'd love to assist you. We are a mother-daughter team, committed to assisting you with your Real Estate needs! Providing you with Local Real Estate updates and advice for Monterey, Santa Cruz, Santa Clara, & San Benito County's real estate market for over 24 years.
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Realtors®
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***Disclaimer- A Realtor has a fiduciary duty to Buyers and Sellers individually. Our goal is to have a strong knowledge base of contracts. However, we are not Real Estate attorneys. Please contact a Real Estate attorney for more information about how to protect yourself from liability and Real Estate contracts affect you and your situation directly.***
