There are several items you should confirm during the final walkthrough of the property. The following checklist is recommended:
Cleanliness, completion of repairs, any changes to the condition of the property from the time of the sales contract, presence of all items that are contractually included in the sale and removal of items not included in the sale should all be checked during your final walkthrough.
The final walkthrough commonly take places 24 to 48 hours before closing. The home purchase agreement typically contains a provision allowing for the walkthrough, and it might specify the window of time in which it can occur.
It's always suggested to clients to schedule the final walkthrough on the morning of the closing so that they are getting a last look to make sure the property is in good condition prior to signing closing paperwork.
You are not required to bring anything with you to the final walkthrough, but you might want to bring a checklist (either on paper or your phone) that you can mark off during your visit. Your real estate agent and/or attorney might also be present with you during the final walkthrough.
The duration of the walkthrough is up to you — there is no legal maximum or minimum time limit. Generally speaking, prepare to take the time necessary to carefully evaluate the home. Rushing through a final walkthrough can lead to regret, as you could accidentally overlook flaws or breaches of contract.
How long it takes is highly dependent on the property, how inclined you are to look at details, what you end up finding and other unpredictable factors. It's always recommend scheduling at least an hour and a half — sometimes longer. Walkthroughs don’t usually take longer than that, but they can, at times.
Whether or not you can terminate your real estate contract after the final walkthrough depends on the terms of your agreement.
In most cases, it would be hard to terminate the purchase agreement as a result of the final walkthrough, unless you could point to a major change in the condition of the property. For smaller items of damage that happened after the purchase agreement was entered, it’s more realistic that the parties would agree to have the buyer withhold from the seller an amount necessary to make the repairs at closing.
Legally, however, you are allowed to back out if the property does not meet the obligations detailed in your real estate contract.
Typically, sellers and buyers instead agree to either monetary compensation or other solutions to ensure the transaction moves forward.
You might discover a problem or violation of your purchase agreement during the final walkthrough, but that doesn’t mean it’s a dealbreaker.
Depending on the problem, there is usually a solution that can be worked out with the seller. For example, if the seller appears that they are not able to move by the scheduled closing date, you could either delay the closing date or enter into a lease with the seller so that you receive rent from them after the scheduled closing date. If there is damage to the property you notice, you could have the seller agree to make the repairs to the property or negotiate to have the purchase price reduced by the cost of repairs.
Most sellers are open to making things right at this stage of the process.