Buying a Home: Pre-Closing Review

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Buying a home can be an exciting and stressful time involving a number of interested parties, including the real estate agent, the buyer, the seller, real estate attorney or real estate lawyer. A pre-closing review is a review of the property to be purchased prior to closing the sale with the final close. The walk through is conducted with the real estate agent present and the fact that this is to be done is usually fully disclosed in the real estate agent contract so that all parties are aware. As the buyer, this is your opportunity to fully inspect the property before closing the deal and moving in.

When it is Carried Out

It is usually recommended that a pre-closing review be done when the property has been vacated to allow for easy inspection, as near to the closing date as possible. The real estate agent is highly likely to be present and it is recommended that you ensure that the walk through does not happen without them. Depending on the size and condition of the property, most reviews should be complete within 30 minutes or so.

Things to Look for

The property should be in a similar condition to what it was when contracts were initially signed. Of course, the exception to this is general wear and tear which is only natural. All of the cupboards, storage spaces and the attic should be empty of the previous owner’s belongings. In addition, it is a good idea to check that all of the windows and doors open and close as they should. These things can get damaged when people move out. When purchasing a property an agreement is usually made with the buyer as to what things, including fixtures and fittings, lighting and sometimes even furniture, are to be included in the sale. It is essential to have this list with you at the pre-closing review and ensure that everything agreed on the list is present and in good working order. When people move out and take photos, paintings and other hanging fixtures off walls, they can leave some damage. Look closely at all of the walls and ensure that any holes have been filled and repaired.

Other things to look for which may seem less obvious include checking faucets and drains. Turn all of the taps on and let them run while you walk through the house. Any drain backups or malfunctioning taps should be pretty obvious by the end. Flush the toilets and turn the lights on as well to make sure they function properly.

Problems

If there are problems uncovered during the inspection, it is important that the agent, who is usually present at the inspection, is made aware of the problems. The agent can then get in touch with the seller to arrange for repairs before closing the contract.

Considerations

A lot of times you will find that the seller is still living in the house at the time of the inspection. This is usually because the seller has to complete the purchase on another home before they can move out. In such circumstances, the selling agent can arrange it so that the monies are held in escrow until they have been moved out and the inspection carried out satisfactorily. It may be the case that the seller has to stay after the purchase has been finalized. Under these circumstances, the seller pays an agreed amount per day via the selling agent, which again is held in escrow until the pre-closing review is carried out successfully.

Real Estate Attorney

When you think of buying or selling a home, whether you be in Orange County, NY or elsewhere, the first person you probably think about is a realtor.  Your realtor can help you along through the process of searching for the right house or the right buyer for your home and help you negotiate a price and closing date that meets your needs.  Many people, however, do not realize the importance of a real estate attorney in a real estate transaction and a real estate lawyer should always be a part of your team of expert advisers whether you are buying or selling a home.  Your real estate lawyer can review any offer you make or receive on a home or piece of property and make sure that your rights are protected and responsibilities clearly defined. As part of the closing process a real estate lawyer can coordinate the efforts of real estate agents, title company, lender or bank and sellers attorney, to ensure as smooth a closing as possible.

Are you in need of a real estate attorney in or around Orange County, NY?  Give our law offices a call today.  We serve the following areas:  Hudson Valley, NY including Orange County, Sullivan County, Dutchess County, and Ulster County.