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What Is A "Walk-Through?"
Question: What is a "walk-through?"
Answer: When you purchase an existing home you enter into a sale agreement at one point but only close on the sale some weeks later. To assure that the property is in substantially the same condition as when the sale agreement was signed, a buyer will "walk through" the property just before closing. If you are a buyer, be sure to allocate enough time for a thorough walk-through. In the case of a new home, the situation is a little different. Typically there is a walk-through with the builder's representative. Items not completed, or not properly completed, are entered onto a "punch list." The punch-list items are then detailed at closing and the builder is obligated to make required repairs and completions. When going through a new home, buyers should make their own punch list and compare it with the builder's representative to assure that nothing is missed by accident.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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