1. The "walk-through" inspection takes place the day before or morning of the closing.
2. Basically the home should be in similar condition to when you agreed to purchase it.
3. If there are issues a Buyer encounters during the walk-through, the Buyer should make note of those issues (with photo if necessary/possible), and immediately advise their Attorney.
4. What are some issues you might encounter on the walk-through?
First, a home must be delivered with Plumbing, Heating, and Electrical in working order and with a roof free of leaks as per pretty much EVERY contract of sale I have seen for a regular (not Foreclosed) property in New York City.
Second, what if the refrigerator is missing? Yup, that's an issue. The contract of sale might say the refrigerator is going with the Seller (because it's a premium appliance, for example), but I'd guess the contract then calls for a replacement refrigerator in its stead. What if the refrigerator doesn't work?
What if the expensive chandelier in the dining room you thought came with the house is missing? Your Attorney and the contract of sale provide guidance.
Another issue: most contracts call for a home to be delivered at closing "vacant and broom clean" If the house is neither, that's an issue.
The best guidance for what is a potential problem in the walk-through inspection is your Attorney and the Contract of sale.
5. As to negotiating monies if an issue is encountered on the walk-through, that's a matter for your Attorney, the Seller's Attorney, and, in some instances the LENDER to discuss at the closing. There's no tried and true rule; each closing is its own unique transaction. But having a good, experienced Attorney who specializes in real estate on your team, well, 'nuff said.
See below the link to my Trulia blog: HomeBuyer's Timeline for NY Metro Area Purchase
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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I'm agreeing with Mitchell on this one... Speak to your attorney.
REMAX NEW YORK
261 4th Avenuue, Brooklyn NY 11215