This step is paramount within real estate because a scenario could occur where the “occupant”, the seller, tenant, etc., may not be moving out as part of the sales agreement/contract.
That is why the walk through is so important, plus it is useful for other reasons.
Such as, if there were items which were requested to be repaired, fixed, or removed – this is your time to see if those things occurred.
Maybe the seller decided to beat up the home before vacating – sometimes this happens.
Maybe it was not their decision to make and happened as a result of some other party. Maybe one of the movers put a hole in one of the walls when moving out the seller’s belongings.
Acts of God do occur. Maybe the seller’s home had a fire/flood sometime after the time you did your inspections and the home’s scheduled closing..
The best time to do the Verification of Property condition or Final walk through is to conduct it as close as you can get to the closing date.
However, to do it after the homes has sold and closed defeats the purpose. To not have a final walk through is dangerous. To conduct the final walk through too early is not recommended.
The final walk through and property verification should happen at a time, very close to the closing of escrow, where your Realtor is able to stop the “closing” process if something is not as agreed upon.
Especially if the property is tenant occupied.
It could be that the tenants are not in agreement with the sale. As an aside – we’d request the tenants be out at least 5 days before escrow closes to protect our home buyers and the home seller.
For the home seller, this can be their chance to ensure they are not placing themselves in harm’s way. A real estate transaction is a long and drawn out process.
There are a lot of moving parts when it comes to selling a home. This is where the homebuyer, the one you are in contract with, will be able to see if you did what you agreed to do. That is good news and protects you from future “legal” or “civil” involvement with the buyer.
Thanks for taking the time to listen to our Housing Radio Broadcast. I love it when a plan comes together and I’m glad to be at your service as it related to real estate and home representation.
Big Favor please. Make sure you reach out to me directly when you are ready for my assistance.