From Trulia Voices this past weekend:
“I’m closing on a condo tomorrow, and don’t have time for the Walkthrough, do I need to do this?”
First let’s start with the basics … the final walkthrough is the buyers’ last chance to check a property before the close. This is the time for the buyer to turn on the lights, flush the toilets, check the appliances and test the home’s air conditioning and/or heating one last time. It also is at this point that the buyer can verify if any agreed upon repairs have been completed as well as making sure the property is in equivalently the same condition as it was at the time the contract was executed.
If something’s not working that should have been fixed, or if a warranted item such as an appliance or the air conditioning isn’t working now when it worked at the time of the inspection, these issues need to be brought to the seller immediately. Because after the close, the property becomes yours in whatever condition it may be in. If you were given the opportunity for the walkthrough and you passed, the onus for repairing any broken items after the close is on you.
So is a walkthrough necessary? In a word, absolutely. Softening slightly, there is no requirement that you conduct a final walkthrough before closing on a property. But you’re taking an unnecessary risk by not doing so.
In Arizona, on purchases made with the standard Arizona Residential Resale Contract, the seller has to provide the buyer access for a final walkthrough.
The final walkthrough can be conducted by you, a home inspector (most inspectors will conduct a walkthrough inspection for a fraction of the cost of a full inspection if they already have conducted the original inspection), or a representative – typically a friend or relative. I’m about the only one who cannot conduct a walkthrough on your behalf as I’m not so licensed and such walkthroughs aren’t covered by my E&O insurance.
Have other questions about the real estate buying process in Phoenix? You always can reach us using the contact form in the upper right.[tags]Phoenix real estate[/tags]