What homebuyers can expect during the final walkthrough and closing process

If you’ve been on the path of buying a home and getting ready to close, congratulations. You’ve come a long way, and there are just a few remaining steps. If you’re unsure of what to expect during the walk-through and closing, we’ve got you covered. We’ll go through what happens during a home walk-through, what to bring, how to give your soon-to-be residence a detailed look and what to do if there are any issues. We’ll also go through closing day and the documents you’ll need to make your purchase official. You’ll be well on your way home.   

The final home walk-through: the last look before it’s yours

A final walk-through usually happens one week or 24 hours before you close on a property and after a professional home inspection. It’s a chance for you to confirm the home’s condition hasn’t changed and to look for any unexpected damage, missing fixtures, etc. If you requested any repairs to be done before closing, you can verify they were completed and that the home’s electricity, plumbing and other systems are working properly. 

You should bring your purchase agreement, any personal inspection notes, notes from a qualified inspector and a final walk-through checklist. 

Your homebuying final walk-through checklist

While you’ll need to make sure any repairs you requested were completed to your satisfaction, there are many other things to consider. This is your last time for you to make sure the home is in good condition before it becomes yours.  

We recommend having an actual checklist where you list each room and the items to inspect. This way, you can check off each part of the home to make sure you haven’t missed anything. There are plenty of things to look for and you’ll want to make sure that everything is as it should be. 

Don’t forget to include any storage areas, the garage, attic, basement, toolshed, etc. You probably have a light on your cell phone, but an actual flashlight can be more useful during an inspection. It will be easier to aim into dark corners and the light is usually more concentrated. Besides, it’s much less worrisome to drop a flashlight than it is to drop a cell phone. 

Does everything work? 

If the seller agreed to install new light switches, faucets, or make repairs, this should be first on your list. Turn things on and off to make sure they’re working right. You should also ask for the paperwork on all repairs, such as receipts, and find out if there are warranties on the work, or for what was installed. 

Did they forget something? 

Check the cupboards, closets and storage areas to make sure the seller has completely vacated the property. Not only can this help you look for any defects or damage, it can also save yourself and the seller the time and inconvenience of having them get their things later on. You’ll also want to make sure the seller didn’t take something that was included in your sale contract, such as appliances and fixtures. 

Locks, doors and windows 

Does every door and window open and close easily, and do any of them stick? Are the locks on each of them working properly? are the keys available to open each of them? Are the window screens in good condition, or are there any tears in them? 

The alarms and security system 

The home should be equipped with smoke alarms and may have a security system that issues an alert whenever a window or exterior doors are opened. Make sure these systems are working properly. Open and close the garage door. If there is a security code for the garage or any of the doors, you’ll need to know what it is and how to change it. You should also check that it only works with that particular code by trying random numbers. 

Appliances

The refrigerator, stove and other appliances are expensive. Make sure they’re working properly. You may want to turn them on and off or even run the dishwasher through a cycle. Make sure the faucets, bathtubs and showers have hot and cold water. See that the drains function and check for odors. Check that the toilets flush and that their shutoff valves (near the base) also work. You wouldn’t want to have a toilet emergency and not be able to shut off the water. Even if the HVAC system was inspected, make sure that it’s working properly. 

Electricity and outlets 

Bring something you can plug into every outlet, such as a cell phone charger, a nightlight or a small lamp to see that every outlet is working. Make sure the outlets and plate covers are secure and aren’t damaged, as a loose electrical outlet could be a hazard. Check every light fixture and doorbell as well. 

Check for mold 

Mold can be an expensive and even hazardous problem to solve. In the right conditions, it could appear between the time the seller moves out and you move in. Check all areas that are most prone to mold, such as the bathrooms, kitchen and basement. Take a close look at the areas around and under sinks, bath and shower drains, toilet bases and beneath refrigerators. 

The yard and home exterior 

Take a walk around the yard to make sure the landscaping is in good condition, as well as any fences and gates. If the home has an irrigation system, turn it on and off to make sure all the sprinklers work. Anything else on the property should be inspected as well, such as the decking, a pool and a storage shed. Also, take a close look at the downspouts and roof gutters to make sure they’re secure and not clogged with debris. 

Critters and pests 

As you’re inspecting the property, look for any signs of cockroaches, rodents or ants. Even if the home was inspected before and any home issues were disclosed, these critters could’ve moved in when the homeowner moved out and multiple doors were open. Rodent droppings and bite marks on wood could be a warning sign.  

New home walk-through tips

Buying a newly constructed home can free you of many concerns listed above, although it can also offer a different set of problems. You’ll want to inspect the home using similar checklist items. See if the builder/seller offers a warranty on the roof, the HVAC, or any other systems—and for the home itself—in case you discover any problems after you move in.  

Get the contact information for subcontractors, such as those who worked on the flooring, HVAC, etc., in case you need to reach out to them with a problem. The builder should also give you the paperwork and manuals for everything that was installed: the refrigerator, HVAC, microwave, washer and dryer, etc. You’ll need this to make sure your appliances are working properly in the future, and in case there’s a problem. 

In addition to the above checklist, look for cracks or blemishes in the paint, on surfaces (such as countertops) and appliances, scuff marks on the floor, dents in the appliances and nail holes. Make sure every drawer, door and cabinet opens and closes easily. 

What if something’s not right?

If you find something wrong, don’t panic. Document the issue by taking pictures or videos and contact your realtor right away. The seller could offer to have the problem fixed or offer you a credit to reduce the sale price. You both might agree to delay the closing date until the issue is addressed. Your lender and agent can guide you through the next steps. 

If the seller is unwilling to fix the problem, you could try to negotiate on the sale price to offset your cost of repairs. You might also be able to withhold the amount of escrow funds the seller is to receive, to reflect your costs. 

It’s pretty rare that a buyer and seller are unable to reach an agreement, but it can happen. If you have to walk away from the deal, check with your realtor to make sure you have a contingency clause in your purchase and sale agreement. This may require legal action and the advice of a real estate attorney. 

What to expect on closing day 

The closing usually takes place at the office of a neutral third party, such as a title company or an attorney’s office, who oversees the legal transfer of the property and manages all the documents and funds involved. This ensures an impartial and secure process for both the buyer and seller. It may involve the home buyer (that’s you), the home seller or their representative, a closing agent, realtors, and your mortgage lender. 

Your lender plays an important role in this process because they’re funding your loan, but they aren’t the ones managing the legal transaction itself. This is why closings take place at a third party’s office, usually that of the person overseeing the closing process. 

Make sure you bring a valid ID and proof of your homeowner’s insurance for the property. You’ll sign the documents, including your loan agreement and the property transfer. The down payment or closing costs are paid via wire transfer or cashier’s check, and when the process is over, you get the keys and take ownership of your new home. 

Your closing-day checklist

Before you head off to close on your home, make sure you bring: 

• Government-issued ID (driver’s license or passport). 

• Proof of homeowners’ insurance. 

• Confirmation of wired funds or certified check. 

• Any final documents your lender requested. 

Final tips to finish strong

There are a few additional things you’ll need to consider before you close on a property. You might be thinking about all the new purchases you’ll make to fill your home, but don’t open any new credit accounts or make big purchases before the closing date. While you may have a mortgage pending with your lender, you won’t close on the loan until you’ve closed on the home as well. 

A new credit card or a loan, a major purchase on your existing credit cards or checking account, could affect your available credit and your ability to remain qualified for your loan. You’ve already come this far, so don’t let this get in your way. Hold off on major purchases until after the closing date—and make sure you’re still paying all your bills on time. 

You might be in a hurry to close and move in but take the time to review all the documents in advance, so you’re not rushed when you sit down to sign them. Ask your realtor or lender if you’re unsure about any language or clauses in the documents. 

When the closing is complete, it’s time to celebrate. Congratulations on your new home! 

We’re here to help you every step of the way

If you have any questions about home loans and finding a place of your own, please contact one of our mortgage loan officers. You’ll receive best-in-class service and help through the entire homebuying process.