The Final Countdown: Your Guide to the Final Walkthrough

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You've navigated the open houses, endured the negotiations, and dotted all the "i"s on countless documents. You're tantalizingly close to closing on your new New York City property. But before you sign those final papers and grab the keys, there's one crucial step you absolutely cannot skip: the final walkthrough.

Think of the final walkthrough as your last chance to ensure everything is as it should be before you officially take ownership. It's your opportunity to confirm the property is in the condition agreed upon in your purchase contract and that no unexpected surprises have cropped up. Don't underestimate its importance – a thorough walkthrough can save you significant headaches and expenses down the line.

When Does the Magic Happen?

The final walkthrough typically takes place within the 24 hours leading up to your scheduled closing. Sometimes, it even happens on the morning of the big day itself. Your real estate agents will coordinate the timing between you and the seller (or their agent). Be flexible and make sure you allocate enough time for a careful inspection.

Your Walkthrough Checklist: What to Scrutinize

This isn't just a casual stroll through your future home. Come prepared with a checklist and a keen eye. Here's what you should be paying close attention to:

1) Agreed-Upon Repairs: This is paramount. If the seller agreed to make any repairs as part of the negotiation, meticulously verify that they have been completed to your satisfaction. Ask for documentation (receipts, invoices) if applicable. Check the quality of the work.
2) Condition of the Property: Ensure the overall condition of the property is substantially the same as when you last saw it. Remember to account for normal wear and tear, but be vigilant for any new damage, such as:
3) Cracks in walls or ceilings
4) Leaks (check ceilings, under sinks, around toilets)
5) Damaged flooring
6) Broken windows or screens
7) Malfunctioning doors or locks
8) Included Items: Double-check that all items explicitly included in the purchase agreement are still present and in working order. This typically includes: Appliances (test them all: refrigerator, oven, dishwasher, microwave, washer, dryer), Light fixtures, Built-in shelving or cabinetry, and Window treatments (if specified)
9) Excluded Items: Confirm that any items the seller was supposed to remove have indeed been taken off the premises.
10) Cleanliness: The standard in NYC is generally "broom-clean." Ensure the property has been swept and is free of debris. While it won't be move-in ready deep cleaned, it should be reasonably tidy.
11) Utilities: If possible and safe, briefly check that essential utilities (electricity, water, heat/AC) are functioning. Turn on lights, run faucets, and test the thermostat.
12) Personal Property: Make sure the seller hasn't left behind any unwanted personal belongings.

What to Do If You Spot Issues:

Discovering problems during the final walkthrough can be frustrating, but it's precisely why this step is so important. If you find any discrepancies or unresolved issues:

1) Document Everything: Take photos and videos of any problems you find.
Immediately Notify Your Agent: Contact your real estate agent right away and explain the situation.
2) Don't Stay Silent: It's crucial to address these issues before closing.
3) Work with Your Agent for a Resolution: Your agent will communicate with the seller's agent to find a solution. Common resolutions include:
4) Delaying the Closing: If the issues are significant and require further work.
5) Establishing an Escrow Account: A portion of the seller's proceeds can be held in escrow to cover the cost of repairs after closing.
6) Negotiating a Credit: The seller may offer a credit at closing to compensate you for the cost of addressing the issues.
7) Requiring the Seller to Rectify the Issue Before Closing: For minor fixes that can be done quickly.

Crucial Advice: Don't Skip the Walkthrough!

In the excitement of buying a home, it can be tempting to skip the final walkthrough, especially if you're feeling rushed. However, doing so is a significant risk. Once you close, it becomes much more challenging to hold the seller accountable for any issues you discover afterward.

The final walkthrough is your last opportunity to ensure you're getting the property you agreed to purchase, in the condition you expect. Take your time, be thorough, and don't hesitate to speak up if something isn't right. It's the final countdown to your new NYC adventure – make sure it starts on the right foot!

Have questions about the final walkthrough process in NYC? Connect with me at 917-254-2103. My goal is to help you accomplish yours!