I recently spoke with a couple that was closing on a home and they asked if they absolutely have to do the final walk-through. They said that they didn't have time, they were going to be out of town and if I could simply do it for them or if it even needed to be done at all.
I most emphatically told them yes, you need to be at the final walk-through. When they asked why here's what I explained to them.
A walk-through is typically done a couple of days before final closing. It can even be done the morning of the closing just to make sure that the home is in good condition or the same condition as expected when purchased.
Another reason is to verify any repairs or replacements done during the home inspection report. If those items are not taken care of and you've already closed, it can be a lot harder to get the seller to complete them once the property has been sold.
It's sole purpose is to confirm the property's condition but many people have used it in the past in order to get out of the deal. While this is usually not acceptable at this point without losing earnest money deposit, this is your final chance to say yay or nay to closing on the deal. Once you finalize all closing documents and the deed is recorded in the county in which the home is located, the property becomes yours regardless of its condition. If you are given a final walk-through opportunity and you pass it up, the responsibility for completing any repairs now falls on you.
I constantly recommend all of my clients to do the final walk-through and if they have any problems, questions or concerns now is the best time to ask them. I explained all of this to my buyers and they were able to a carve out at least 20 minutes to come by and verify all of the repairs done after the inspection report and that the property was in good working condition. Have something been a mess, it would've been their responsibility after they closed a couple days later.
For more information and answers to your questions on real estate, buying, selling or investing throughout the Portland area contact my office today.