What an exciting day; The day your new home closes! A few days earlier, her REALTOR called to schedule the final tour date and time. You thought, “This is great! I needed to check the paint color in the kitchen and my parents want to see the house.” But for that it is not the final route. This is your last chance to see the property before signing on the dotted line and closing the sale. It is a date that is taken seriously. You need to stay focused and examine the condition of the property one last time.
The purchase agreement signed in the state of Minnesota requires the seller to guarantee that the mechanical components, including: central air conditioning, heating, plumbing and wiring systems, are in working order on the closing date. It also ensures the buyer the right to a “full” review of the property prior to closing. This is not something to give up. A few years ago, there was a news report of first-time buyers who had just closed their new home. They intended to move in right after closing, but came to find a nightmare. In the time since I saw the house and a purchase agreement was signed, a pipe had broken and flooded the entire house. They skipped the final tour because they considered it a waste of time. They became the proud and very frustrated owners of a big mess. Although they may have legal recourse to repair the home, these buyers would have been in a much better position if they had negotiated with the seller before closing. Or in the case of this extreme damage, the buyers may not have signed the final documents to buy the home.
Each buyer should take a final tour of the home as close to closing as possible. I suggest to my clients that we schedule the tour immediately before closing. We meet an hour before at the address to review the status of the property and then go directly to the closing. Any problems are noted and I contact the seller’s agent immediately so that I have time to discuss the situation with their seller prior to our arrival. The tour just before closing doesn’t eliminate all the surprises a new buyer might face.
But it significantly reduces the chance of approaching an unknown disaster. Here’s a quick guide to some of the areas to consider during a final tour. Final tour guide
Review the paperwork twice ** Are all work orders complete?
External review ** Check for changes abroad since the purchase agreement.
Plumbing review ** Check for plumbing changes since purchase agreement.
Interior room review ** Check for changes to the interior from the purchase agreement.
Electrical check **** Check for changes in electricity since the purchase agreement.
Review of ovens and air conditioning Attic and basement review ** Check for changes since the purchase agreement.
The final tour should be done with a COMPLETE CHECKLIST and an organized plan. After a review of the house inside and out with a checklist, you will return to the exciting part of that final walkthrough … Will the new sofa look better here or there?