The Real Estate Encyclopedia
Is The Walk-through Necessary?
Category - Home Buying Questions - Buying Disclosure & Inspection FAQ's

Once the inspection has been completed, the inspector writes a very detailed report, highlighting those issues, which do not meet building codes and point out those, which were not required by law when the house was built but are recommended to be repaired or updated for safety reasons.  Typically, the inspector will use a coding system to indicate safety hazards or health risks, which must be corrected prior to closing and items, which are recommended to be addressed but may not present an immediate danger.  The inspection report is shared with the seller and the buyer has the right, based on wording included in the purchase contract, to request repairs.  During the defect resolution period, the buyer and seller negotiate which repairs the seller will undertake prior to closing.  In order to ensure that all repairs agreed to contractually have been completed, the buyer and his/her agent conduct the Walk-Through prior to closing, making a list of any item in default.  Buyer and seller then address any pending issues or may agree to have some repairs survive the closing.

 
Category(s)
Home Buying Questions - Buying Disclosure & Inspection FAQ's
Home Buying Questions - General Home Buying FAQ's
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