Walkthrough Explained
A walkthrough is a final inspection of the property before the closing of the sale.
For buyers, it provides an opportunity to ensure that the property is in the same condition as when the offer was made and that any agreed-upon repairs or conditions have been met. It’s typically done within 24 hours before the closing to confirm everything is in order.
Key Components of a Walkthrough
Property Condition Check
Explanation: Buyers inspect the condition of the home to ensure that no damage has occurred since the inspection and that it is in the condition agreed upon in the contract.
Massachusetts-Specific Note: Massachusetts buyers should also check for issues like winterization of plumbing during colder months.
Inspection of Agreed-Upon Repairs
Explanation: If repairs were part of the negotiation, the walkthrough allows the buyer to confirm that these repairs have been completed.
Buyer Tip: Make sure to bring documentation or receipts for repairs if agreed upon by the seller.
Review of Fixtures and Personal Property
Explanation: The walkthrough provides the opportunity to confirm that any items specified in the contract (such as appliances or fixtures) are still present and in good working condition.
Practical Tip: Verify that all appliances and fixtures are included as per the terms of the sale, especially if they were part of the negotiation.
Final Walkthrough Timing
Explanation: The walkthrough is usually scheduled just before closing, often the day of or the day before.
Massachusetts-Specific Note: It’s important to ensure that the property is accessible and free of personal belongings from the seller.
Why Walkthroughs Matter
Walkthroughs are critical for ensuring that both parties are satisfied with the transaction and that the buyer is receiving the property as agreed. Here’s why:
Confirm Property Condition: The walkthrough provides buyers a final chance to check for any damage or issues that weren’t present during earlier inspections.
Verify Repairs and Terms: It ensures that any agreed-upon repairs or changes to the property have been made.
Prevent Disputes: Conducting a walkthrough reduces the likelihood of disputes at closing by making sure everything is in order before the transaction is finalized.
In Massachusetts, where homes may be older or have unique features, a thorough walkthrough provides peace of mind and helps avoid surprises when the sale is final.
FAQ’s
What is a walkthrough in a real estate transaction?
A walkthrough is a final inspection of the property, conducted by the buyer before closing, to ensure the property is in the agreed-upon condition. It’s the last chance to confirm that everything is as expected before finalizing the sale.
Can a buyer back out of the deal after the walkthrough?
If the walkthrough reveals significant issues or unmet agreements (e.g., repairs), the buyer may negotiate for repairs or request a credit before proceeding with the closing. In extreme cases, they may back out, depending on the contract terms.
When does the walkthrough typically take place?
The walkthrough usually happens within 24 hours before closing, often the day of or the day before. It’s scheduled to give the buyer a final opportunity to inspect the property.
Are walkthroughs required in Massachusetts?
While not legally required, walkthroughs are standard practice in Massachusetts real estate transactions. They provide an essential opportunity to verify the property’s condition before closing.
What should buyers check for during a walkthrough?
Buyers should check the overall condition of the home, confirm that repairs have been made, and ensure that any agreed-upon fixtures or personal property are still in place.
What if the seller’s belongings are still in the property during the walkthrough?
The buyer should note any items left behind, as the contract typically stipulates that the home must be cleared of personal belongings before closing. If necessary, this can be addressed before finalizing the sale.