Real estate buyers are typically aware of major property defects before they make offers. Sellers have an obligation to provide written disclosures outlining all of the known issues with the various systems within the home. The closing process typically requires an in-depth inspection.
Buyers also have the right to walk through the property one final time to inspect it prior to a closing. Most of the time, that final walk-through is simply a technicality and may serve to make the buyer more excited about the closing.
Occasionally, a walk-through uncovers signs of problematic changes to the property. What may happen then?
The sellers may need to take responsibility
Typically, buyers who spot new damage to the property during a walk-through need to notify the seller as soon as possible. They need to document the damages that they notice and then determine what the likely cost may be to address the issue.
In some cases, sellers may have worked with moving professionals who have insurance that can pay for the damages caused while removing their personal items from the property. Other times, the sellers may be personally responsible for the damages they caused while vacating the premises.
Sellers might agree to cover the cost of necessary repairs or to slightly modify the purchase agreement to reflect the damages that they caused between when the buyer made the offer and when the closing occurs. Occasionally, negotiations related to last-minute damages may result in a delayed or canceled closing.
Buyers generally need to ensure that their offers and purchase agreements protect them in case they need to negotiate or cancel a closing. Working with a real estate attorney may be important for those preparing to purchase residential real estate.