Walk Through Requests
Realtor: I understand that you would like to have a walk-through of the property before the closing. However, it’s important to note that, unless otherwise specified, the contract does not allow access to the property between the condition removal and the Possession Day.
Buyer: But why is that the case? It would give us a chance to ensure everything is in order before we take possession.
Realtor: That’s a valid concern. The reason behind this practice is to strike a balance between the interests of both buyers and sellers. Allowing unrestricted access to the property before closing could lead to various challenges and complications. It may result in excessive nitpicking, demands for price reductions or holdbacks, and even the potential threat of the deal not closing at all. To prevent such issues, the contract is designed to provide a framework that protects both parties.
Buyer: I see. So, the contract ensures a fair process for both buyers and sellers?
Realtor: Exactly. The contract establishes the condition that the property must be in substantially the same state as agreed upon. This condition provides a legal foundation and remedies in case of any breaches. By focusing on the overall condition of the property, the contract aims to strike a fair balance between the buyer’s desire to have a satisfactory purchase and the seller’s need for a smooth transaction.
Buyer: But wouldn’t a pre-closing walk-through help us identify any potential problems?
Realtor: While it may seem beneficial to have a pre-closing walk-through for inspection purposes, it can actually lead to unnecessary disputes and delays. The contract’s provisions aim to safeguard the interests of both buyers and sellers by providing legal remedies in case of significant breaches. It also promotes a streamlined and efficient closing process. By focusing on the property’s condition as a whole, rather than individual walkthroughs, it helps maintain fairness and minimizes potential conflicts during the transaction.
Buyer: I understand the reasoning behind it now. It’s about maintaining a fair and efficient process for everyone involved.
Realtor: That’s correct. The goal is to ensure a smooth closing process while protecting the rights of both parties. If you have any further questions or concerns, please don’t hesitate to let me know. I’m here to assist you throughout the entire transaction.
Seller gets money before we can check the house
Realtor: I understand your concern. It can indeed feel unfair that the seller receives their money before we have possession and the opportunity to confirm the property’s condition. However, it’s important to understand the rationale behind this practice. The purchase contract is designed to facilitate a smooth closing process for both parties involved. While the current arrangement may not align with your expectations, it aims to strike a balance between protecting the seller’s interests and providing remedies for buyers in case of property condition issues.
Buyer: But what if there are significant issues with the property when we take possession? How can we ensure that our concerns are addressed?
Realtor: That’s a valid concern, and it’s important to address it. The contract includes clauses that outline the condition of the property at possession. If you discover significant issues that breach the terms of the contract, you have legal remedies available. Your lawyer can guide you through the process and help you seek appropriate resolutions. It’s crucial to work closely with me and you lawyer to ensure that any concerns regarding the property’s condition are addressed properly.
Buyer: I see. So, even though the seller receives their money before possession, we still have options to address any issues that may arise.
Realtor: Absolutely. While the timing of the seller receiving their funds may seem less favorable, it’s important to remember that the contract provides mechanisms to protect your interests as a buyer. By working closely with me and your lawyer, you can navigate any property condition issues discovered at possession and seek suitable remedies. They will ensure that your rights as a buyer are protected throughout the process.
Buyer: Thank you for explaining that. It helps to know that there are steps we can take if we encounter any significant issues with the property.
Realtor: You’re welcome! It’s essential to stay informed and empowered throughout the closing process. If you have any more questions or concerns, feel free to reach out. I’m here to support you every step of the way.
This article is provided for general information purposes only and does not constitute legal or other professional advice. You are advised to contact a Real Estate Lawyer regarding any specific legal issues. You are also advised to discuss your obligations with your broker. You may reach us at 780-473-7779.
