If you are new in the housing market and working with a realtor, there is a big chance that you might not understand the terminology they’re using.For example, if someone asks you about a verification of property condition, you might not understand exactly what they’re talking about.
This article will help you to understand just that. In addition, we’ll also explain what your rights are as a property buyer in regard of a property condition.
What’s a Verification of Property Condition?
In short, a verification of property condition is a document used by realtor or a housing property agent to excuse themselves from any liability after the buyer has done their final walk through of their future home. Verification of property condition also works as a guarantee that the buyer will be given an opportunity to do their last walk through the home before signing into the buying contract.
Some might even ask if a verification of property works as an agreement between buyer and real estate agent to proof that the house they’re buying is in a good non-defected condition. In this situation, it is best to keep in mind that a verification of the property condition is not a tool for negotiations.
In general, the verification of property is not a contingency of the purchase contract. This means that there are no terms to take care of before the closing. The Verification Of Property doesn’t change the seller’s contractual obligations to the buyers. For instance, if the seller says that they will fix a faulty plumbing, they are required to fix it, even if it hasn’t been repaired yet.
A verification of property is only used to absolve a real estate agent from liability after the final walk-through, as well as prove that the buyer had an opportunity to look at the property one more time.
Addressing of Property Inventory Template In Pdf
Rental Verification of Property Inventory Documentation
Verification of Property Condition Disclosure
Verification of Property Condition Management Agreement
Final Walk-Through
Verification of property contain some type of guarantee that says the seller promises to deliver the home at closing in the same condition as seen at the date of the purchase contract. This verification of property also often allows the buyer to go through the house they’re buying for a final walk within a certain number of days before the closing.
The buyer commonly has the option to conduct the final walk-through inspection or not. A buyer can, however, choose to waive the final walk-through, though it is not recommended. It is never recommended for a buyer to waive this inspection.
Why, you might ask? Because if something inconvenient had happened in your new house and you allowed the to close before resolving it, you might find yourself going to court against the seller.
What Happens If The Verification of Property Is Waived?
If your plumbing isn’t working when you get the keys and the paper work is all signed, you’ve got problems. In the other hand, if you had completed the final walk-through and noticed the problem, you could have simply asked for it to be fixed. Once you’ve closed, you can no longer ask for something to be fixed.
It’s important to note that a verification of property condition won’t stop escrow from closing. If you want to stop the closing, the buyer has to sign a specific request.
Verification of property condition is not the form to use to stop the escrow from closing. To prevent a closing, you would need to sign a specific request form. A buyer will never have as much leverage after closing as a buyer will possess prior to closing.
From this whole article, we can simply conclude that the bottom line here is that before you’re about to fill a verification of property condition, you must be diligent and make sure the property is exactly the way you want it before you close. Because once you close it, your leverage goes away and there’s pretty much nothing else you can do about any damage your new house might have.
