Home-Buying Process:
The Closing

Final Walk Through

Existing House

During the final walk through, you will be able to go back and look at the house one last time before you sign and take ownership. It is usually scheduled 24 hours before closing. Typically the new homeowner will want to check the following:

The house has been vacated.
The previous owner has left behind appliances or other property agreed upon in the contract.
All repairs agreed upon in the contract have been completed.

If you observe any major violations to the purchase contract, be sure to get them in writing. If the violations are not corrected by closing day, you have the right to postpone closing until they are addressed to your satisfaction.

You also should consider taking a tour of the house with the seller. This will be helpful because it is an excellent time to find out where specific items are located. Consider preparing a list of questions ahead of time. Some sample questions to consider are:

Where is the main electrical switch?
Where is the fuse box or circuit breaker located and is it labeled?
Where is the water heater?
Where are the main cutoff valves for water and gas?
Where is the heater/furnace?
Where can you access the attic?
Are there extended warranties on the appliances left behind?
When was the last time the roof was replaced?
Who do you call for general repairs?
What day does the garbage get picked up?
What types of seasonal maintenance are required and when?

Final Walk Through: Exisiting House

Are there any original house plans or wiring diagrams?
Who are the professional contractors and other professionals that have worked on the house?
Can you tell me a little bit about the neighbors?

During your walk through, use the Final Walk Through Work Sheet: Existing House to record your observations.

Newly Constructed House

If you are purchasing a new house, your builder may do a walk through the house a few times before you close. The first walk through may be scheduled weeks before you are set to close. During this walk through pay special attention to as many details as you can. If you find certain things you would like your homebuilder to address and correct, make sure the details are in writing. This list will usually turn into a punch list to be used as a guide during your final walk through.

The following is a list of items to look for:

Grading

Does the ground around the foundation slope away from the house?
Does water collect in low-lying areas? To check, water the areas with a hose, if possible.
Are there signs of erosion?
Is the shrubbery placed at least 2-3 feet from the foundation?
If the house has a basement, are the basement window wells clean and graveled?

Roof and gutters

Are the shingles flat and tight?
Is the flashing securely in place?
Do the gutters, downspouts and splash blocks direct water away from the house? (Many New Mexico houses do not have gutters).

Exterior appearance

Are the windows and doors sealed and protected by weather-stripping?
Are the trim and fittings tight? Are there any cracks?
Does the paint cover the surface and trim smoothly?
Has landscaping been installed according to the terms of your contract?

Doors and windows

Are all doors and windows sealed?
Do they open and close easily?
Is the glass properly in place? Is any loose or cracked?

Finishes

Is the painting satisfactory in all rooms, closets and stairways?
Did the painters miss any spots?
Are the trim and molding in place?

Floors

Is the carpet tight? Do the seams match?
Are there any ridges or seam gaps in vinyl, linoleum, ceramic or other tile flooring?
Are wooden floors properly finished?

Appliances, fixtures, surfaces, etc.

Do all of the appliances operate properly?
Are all of the appliances the model and color you ordered?
Do all faucets and plumbing fixtures, including toilets and showers, operate properly?
Do all electrical fixtures and outlets work properly? Test them to make sure.
Do the heating, cooling and water heating units operate properly? Test them to make sure.
If the house has a fireplace, do the draft and damper work?
Are there any nicks, scratches, cracks or burns on any surfaces, including cabinets and countertops?
Does the doorbell operate properly? Also test the intercom system, garage doo opener and any other optional items.

Basement and attic

Are there indications of dampness or leaks?
Are there indications of mold or mildew?
Is there significant cracking in the floors or foundation walls?
Are there any obvious defects in exposed components, such as floor joists, beams, support columns, insulation, heating ducts, plumbing, electrical, etc.?

Certificate of occupancy

Has your local municipality signed off on the house?

As with a pre-owned house purchase, you can expect to have a final walk through on your newly constructed house at least 24 hours before closing. During this walk through you will be provided with a punch list of any minor items that may need to be corrected by the closing date. Some of the items included may be light fixtures, trim, door knobs and so on. Go over each item on the list and make sure they meet your approval. This also is a good time to ask the builder about some of the following:

The operation of the house's mechanical systems.
The buyer's responsibilities for maintenance and upkeep.
Warranty coverage and procedures.

This is probably the last time you will be walking into the house as a buyer. The next time you enter the house it will officially be yours and any repairs that are needed may be your responsibility unless they are under warranty.

Final Walk Through: Newly Constructed House

Some problems may not be apparent during the walk through. Even a professional inspector might overlook some things. Most warranties cover problems that may be the result of faulty workmanship, but usually exclude problems that result from owner neglect or improper maintenance. For more information on new home building you can visit the National Association of Home Builders Web site at www.nahb.org.

During your walk through, use the Final Walk Through Work Sheet: Newly Constructed House to record your observations.

Next: Closing Day Procedures

Home-Buying Process: The Closing