Table of Contents
What is the Final Walk-Through Process?
In short, the final walk-through process is essentially a day where the home buyers visit the property at the end of escrow to make sure the property is in the condition agreed upon between the buyer and seller.
During this process, the buyer and seller follow an obligatory contract known as a residential purchase agreement. Also known as the buyers offer. This agreement lists out the steps and procedures necessary for the transfer of ownership property.
When Does the Final Walk-Through Process Take Place?
The buyers will usually do the inspection either just before or after they have signed their loan documents and have wired their remaining funds to escrow.
This is a very exciting stage for a buyer, because all the hard work is done and they’re almost at the finish line and they have the opportunity to walk through the property that they purchased less than a month ago.
What Happens during the Final Walk-Through?
Usually the buyers agent will accompany the buyer to the property. Remember, the primary reason for the walk-through is to make sure the property is in the same condition as it was when their offer was accepted.
The process normally takes anywhere from 15 minutes to an hour, depending on the size of the home.
If there is an issue that arises with the walk-through inspection, that item will need to be addressed before the close of escrow.
The Seller's Responsibilities
The seller should be at the property to show the buyer items in the property that need attention; like how to run the air conditioning and heating, the dishwasher, the oven and any other mechanical items on the property. It is a good idea for the seller to leave all of the warrantees and owners manuals for any of the appliances and mechanicals.
Sometimes, the home is vacant or the seller had just moved out and will be unable to be at the final verification inspection. At that point it’s important for the listing agent to be there to answer any questions that buyer or buyers agent may have on the home.
The Buyer's Responsibilities
The buyers should:
- Check all appliances to make sure they work properly (i.e. garbage disposal, dishwasher, etc.)
- Make sure all doors and windows open, shut, and lock properly – including the garage door
- See the toilets flush properly – no leaks
- Check fans, a.c., heater, and fireplace have no problems
- Look for cracks on walls, dents, any foundation issues
- Make sure all faucets run without problems including showers and bath tubs – checking for any leaks
- Test all light switches – seeing they all work correctly
- Inspect all electrical outlets – bring a charger of any kind and see if it charges device properly
- Take a look at the ceiling for any visual disturbances
- Do a final inspection to make sure no trash or unwanted items were left behind
At the End of the Final Walk-Through...
The buyers and sellers will be required to sign the verification of property condition form in order to complete the file and close escrow.
At this point, the seller may elect to give the keys to the buyers agent to hold until the close. Furthermore, the buyers can call the utility companies to schedule transferring all utilities into their name when the escrow closes.