Before you close on your Boston Beacon Hill condo for sale, you’ll want to perform a final walk through. Typically, there are no issues that arise, but because there are no guarantees in life, we always want to double check. Here, I’ll answer a frequent buyer question, what should a Boston condo for sale buyer look for in the final walk through?
What’s the Purpose of the Final Walk Through?
The purpose of the Beacon Hill condo buyer’s final walk through is to:
- Ascertain that any repairs agreed upon were completed
- Verify that the property is in the same condition (normal wear and tear excepted) as it was on the date the Purchase & Sale Contract was executed
Who Should Attend the Final Walk Through?
It is a best practice for both Beacon Hill condo buyer and Beacon Hill real estate broker to attend the walk through. As a Boston condo buyer, you’ll be required to sign a Final Walk Through form that verifies you were given an opportunity to perform a final walk through and the property was in the same condition as on the date the contract was executed. For piece of mind, you’ll want to visually inspect the property and not rely on someone else to do it.
How Do I Visually Inspect for Repairs?
You must request copies of receipts for any repairs that were completed. You’ll also want to make a visual inspection before you sign off in writing that repairs, if any, were completed as agreed. Some Beacon Hill condo repairs you’ll be able to see with your eyes and others you will have to rely on the receipt showing the repairs were complete. If you have a question, call the person who did the work and ask.
Confirm the Property is in the Same Condition
The second aspect of the property to investigate is if it is in the same condition as it was when they accepted your offer. Has anything been damaged during move out or the repair process? Does it look essentially the same as it did?
What Happens if Repairs Aren’t Completed in the Beacon Hill Condo?
The first step after discovering either repairs are incomplete or the Beacon Hill condo has been damaged. If the issue is minor, get a statement from the seller stating when the issue will be resolved. Sometimes, some money can be held in escrow to cover the cost pending production of a final invoice. If the issue is a more serious, consider holding off on the close of escrow.
How Will Closing Delays Affect My Loan?
The Beacon Hill condo buyer has the right to delay closing when repairs are incomplete or property has been damaged. A practical question to ask before deferring close of escrow is: how will a delay impact the my loan. Loan commitments are not open ended. They expire on a date certain imposed by the lender. A buyer runs the risk of losing his or her loan when closing is delayed. Contact your lender to ask about the consequences of pushing back closing before you do so.
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