You are under contract and preparing to close on a fabulous new home. What is this talk about a final walk through?
The final walk through, outlined in section 11 of the Utah REPC, provides you, the buyer an opportunity to verify the home is in the condition it was when you agreed to buy it. That the property is “as represented” and that any items that are transferring with the home, such as a washer and dryer, are present. The final walk through of the property may be conducted at any time prior to settlement.
In a perfect world everything goes smooth as butter all the way through recording. You conduct your final walk through. The home is as represented. You sign and take possession of the home and it’s butterflies, rainbows and happily ever after. However, the world of buying real estate is not always perfect. Sometimes it comes with a few bumps in the road. The Utah REPC provides protection, to both parties, in various ways to navigate the bumps.
During the final walk through, if you notice a wall was damaged when the seller moved out, a light fixture is missing (and it was not listed as an exclusion) or a pipe broke and the basement is flooded. What are your options for navigating this? You can request items be addressed prior to settlement. If the items cannot be addressed prior to settlement than all parties (buyer, seller and, if applicable, lender) may choose to agree to withhold a reasonable amount in escrow at settlement. The amount withheld should be sufficient to pay for the work to be completed.
The final walk through is not an opportunity to find additional problems with the home and renegotiate the terms of the contract. Last but not least, I am a licensed Utah Realtor, rules differ from state to state, this blog post is specific to Utah.
Best wishes for an easy breezy walk through!