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Step 13: Final Walkthrough Sometime just prior to closing, you and I will do a final walkthrough at the property. One purpose of this walkthrough is to ensure that the personal property we've included in the contract is indeed present and any excluded property has been removed. Additionally, we will be looking closely for any damage that was not visible at the time of inspection. It is not uncommon, for example, for a section of floor to be damaged, but until now hidden under a rug--or for a hole in a wall to be visible only now that a large piece of furniture has been removed.
Ideally, our walkthrough occurs after the seller has moved out. In this case, any damage or personal property issues that we find will be negotiated at the closing table. Typically, we will request a credit to you to have the necessary repairs done or property replaced/removed. Your attorney and I will help you determine the amount of the requested credit based on our experience.
In the case that the seller has not moved out at the time of our final walkthrough, it is not uncommon to ask the title company to withhold some of the sellers' payout so that when the seller has finally moved, we can claim any damages that we find at that point. Again, your attorney and I will help you determine the amount of the requested holdback.
Closing is a very emotional and stressful time for everyone. Usually, the moving trucks are full and waiting, people are down to their last nerves, and everyone just wants the transaction to be over. In the midst of this chaos, most people want to be reasonable and negotiate a fair credit or holdback. However, it occasionally happens that a seller will agree to a credit that is less than you'd like (sometimes nothing at all). At this point, you have a decision to make: to move forward with the transfer or not. Your attorney can advise you of your legal rights, and I will help you try to put it all into perspective.
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