Getting into the house ahead of the closing
Ideally, buyers shouldn't take possession of their new homes until the sale
has closed. Whenever possible, postpone the move until the last-minute problem
has been sorted out. In busy real estate markets, it may not be possible
to reschedule professional movers late in the game. As a last resort, the
buyer can ask the seller for permission to occupy the property before the
closing and, if the seller is agreeable, an addendum should be drawn up indicating
the terms and conditions under which the buyer can move in early. An interim
occupancy agreement should also be signed by the buyer and seller, and the
buyer's personal property and liability insurance should be in.
Walking through the last step
A final walk-through provision gives the buyers the right to inspect the property
prior to closing. This allows the buyers an opportunity to confirm that the
property is in the same general condition as it was when they agreed to purchase
it. A walk-through can also be used for the purpose of assuring that the
sellers have completed repairs they agreed to do, or that any construction
work has been completed.
Take the time for a walk-through
Not all buyers complete a final walk-through inspection. Some operate on good
faith that the sellers will comply with the terms of the contract and deliver
a house that has been maintained, is free of debris and broom-clean. But
if you've ever heard a horror story of buyers taking possession of a house
that's a shambles, you'll want to exercise your right to do a final inspection.
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Close your eyes and breathe
The first thing to do when you hear that your closing isn't going as scheduled
is to stay calm. Be sure that your agent informs all parties involved in
the transaction that there is an unavoidable delay. Get a written extension
of the closing if it will be postponed for longer than 24 hours. The last
thing you should do, no matter how frustrated you feel, is call the loan
processor directly to complain. Let your loan agent handle the problem if
it's related to your loan.
The Final Walk-Through: Not A Way Out Of A Contract
A buyer completes a final walk-through inspection before closing to confirm
that the property is in substantially the same condition as it was when the
purchase contract was negotiated. If the seller agreed to complete repairs
as a part of the purchase agreement, a final inspection enables the buyers
to verify that the work has been done.
The final walk-through also gives the buyers
the opportunity to confirm that the seller's personal belongings
and debris are being removed from the property; that tenants
have vacated; and that appliances the seller agreed to leave
with the property haven't been moved out by accident.
The final inspection is usually a buyer's right but it's usually not a contingency
in the contract. This means that buyers can't use the walk-through as a means
of backing out of the contract at the last minute.
The walk-through should be completed far enough
in advance so that the sellers have time to remedy any problems.
Ideally the final inspection should be done within 7 days of
closing.
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