The Essential Items to be Aware of During the Final Walkthrough in NJ
Real Estate Lawyers Providing Information About the Final Walkthrough in Sea Girt, Spring Lake, Red Bank, Freehold, and Jersey Shore areas
The process of buying or selling a property in New Jersey is complex. A real estate attorney, alongside an experienced agent, can make the process move smoothly, saving you headaches and thousands of dollars. Read on to learn more about one essential part of a property-buying process, the final walkthrough.
The Final Walkthrough in a Real Estate Context in New Jersey
The final walkthrough is the last chance for a buyer to move room by room through the house with their real estate agent before the deal closes. During the final walkthrough, the buyer will ensure that all of the updates that were agreed upon as a result of the official home inspection and other negotiations have been completed. It is the moment, around a day or two, before the buyer takes possession of the house and is officially a homeowner, in which they make sure the house is in the prime condition they expected.
Importance of The Final Walkthrough
During the course of negotiations between a buyer and seller, many promises and arrangements are made. When it comes to home repairs the seller agrees to after issues are discovered during the home inspection, things can get lost in translation. Often, repairs are conducted up until the last minute. So, the final walkthrough gives the buyer an opportunity to confirm that all changes and repairs that were agreed upon as part of the contract for sale have been fully completed.
Learn the Difference Between the Home Inspection and the Final Walkthrough
The home inspection is a critical element of a home buying process. During the home inspection, a third-party professional contractor goes through the house to ensure that issues that don’t appear to the naked eye aren’t lurking right beneath the surface. Potential problems a home inspector will look for are foundational issues, termite damage, mold, electrical dangers, structural damage, a leaky roof, and other property hazards.
How Lengthy is a Final Walkthrough?
There is no timeline for the walkthrough, so it’s recommended that a buyer take their time. The buyer’s real estate agent will arrange the walkthrough, and the agent and buyer can take as much time as they need to inspect the house themselves, likely with the inspection list and an eye out for aspects they want to check on to ensure that everything is up to par.
Where in the Selling/Buying Process is the Final Walkthrough?
The walkthrough is the last thing that happens before closing on the sale. Any issues or concerns that a buyer has that could result in a freeze of the sale need to be brought up by or before the walkthrough. It is important to schedule the walkthrough as close to closing as possible. Most walkthroughs take place about 24 hours before the sale closes.
Who is Expected to Attend a Final Walkthrough?
The final walkthrough is attended by the agent and the buyers.
Items to Confirm During the Final Walkthrough
First and foremost, the buyer must confirm that all agreed-upon repairs have been completed. As such, it is important that the buyer have the home inspection list on hand in order to confirm that all updates have been made. Room by room, the buyer will ensure that all appliances are functioning correctly, the lights work and that there is no mold or signs of leaks. Around the outside of the property, as well as inside cabinets and fixtures, the buyer should ensure there are no signs of rodents. The buyer will make a list of small improvements that need to be made that can be addressed rapidly; if there are any outstanding repairs that have not been completed, the buyer can delay the closing and financial transaction until they have been properly addressed. Because the results of an inspection can mean the difference between closing on the house and delaying or even canceling the sale, the final walkthrough is a step that can’t be missed in the buying process.
When You Need a Lawyer to Help You from Offer to Final Walkthrough in Toms River, NJ
A real estate attorney is responsible for overseeing the legal aspects of a property sale, including assisting with negotiations that result in a contract for sale and facilitating the transfer of title. When there are issues with the real estate contract as it stands, particularly as it relates to the completion of agreed-upon repairs, your attorney is an invaluable ally. Our team of real estate attorneys at The Bronzino Law Firm has decades of experience helping our clients to move closer to their dreams with the purchase or sale of a home. New Jersey real estate law is one of those areas where you can’t afford to not have the highest quality representation on your side. We have ushered hundreds of clients into their dream home, as well as assisting others with successful sales of their properties in Manasquan, Jackson, Wall, Point Pleasant, Neptune, Brielle, and towns across Southern New Jersey. Contact us today at (732) 812-3102 for additional assistance and to set up a consultation with a lawyer who can address your individual needs and concerns.