A Beginner’s Guide to Buying a Home in Florida (Part 6).
Part 6 – Buyer Requests, Repairs, and Pre-Closing Inspection
Buying a home is one of the most important decisions in a person’s life. As we discussed last month, in Part 5 of our Beginner’s Guide to Buying a Home in Florida, Processing the Contract for Closing and Preparation of Closing Documents, even for the most experienced sellers/buyers, closing on a home in Florida can become an intimidating challenge. This series is written to assist you in understanding the basics of real estate transactions in Florida.
Buyer Requests, Repairs, and Pre-Closing Inspection
The pre-closing inspection, often referred to as “the final walk-through” is a significant step in the buying process. The pre-closing home inspection is the buyer’s opportunity to ensure that the home that they are buying is in the same condition it was in when the home was first inspected. Usually, after the initial inspection is performed, the potential buyer requests the seller cure any defects to the home discovered by the inspector during the inspection process. Anything that would have a significant negative impact on the value of the property should make the home inspection repair request list. If the contract is an “as is” contract, the seller is not required to make repairs discovered by the initial inspection. Nevertheless, the seller is required to keep the property in the same condition at the time of the signing of the contract. If the seller was required to perform any work on the home or if the seller was just required to maintain the condition of the home until closing, it is vital for the buyer to perform a thorough pre-closing inspection to verify the condition of the property. If the repairs were not properly completed or the condition of the home was not maintained, then the buyer must insist on compliance AT OR BEFORE the closing is completed. Otherwise, the buyer will take the property in its current condition and the seller will have no further obligation to repair or restore the property. The pre-closing inspection ordinarily takes place right before the closing (usually within 24 hours). Because of this, many buyers are anxious and excited and may fail to perform a detailed inspection. This can be a very costly mistake. Remember to slow down, keep a cool head, and give the home a methodical pre-closing inspection, and provide the list of defects or unfinished repairs to the seller or the listing broker/agent immediately after the walkthrough, so that they can be completed before closing or dealt with at the closing table.
No matter if you’re buying or selling a home in Florida, you should have a skilled representative working with you throughout the process. While an agent or realtor can answer certain questions you may have, only an attorney will act in your best interests and is often less expensive than people think. In fact, in most instances having a real estate lawyer close your transaction will cost no more than a title company will charge to conduct the closing. That is why we invite you to contact the Sherrard Law Group today to speak to a member of our legal team about your real estate transaction. We look forward to serving as your trusted legal representatives.
Next week – Part 7…The Closing