The importance of a walk through

Purchasing a property can be a very exciting time, especially as the possession date draws near. One important process to complete before money exchanges hands and the keys are turned over from the seller to the new owners is a "walk through". A walk through is a process that takes place when the new owners get a chance to go through the property and make sure that it is in the same, if not better, condition than when they priviously viewed the property. For example, if upgrading the electrical panel, or having the rugs cleaned were part of the terms of the contract, the buyers will want to see for themselves that this was completed. Perhaps when the sellers moved out, the movers did some damage, like putting a hole in the wall. They buyers will want to make sure that this issue is addressed. If there are concerns, the time to deal with them is before money exchanges hands. In my experience, most times everything goes smoothly and there are no issues to worry about. However, it can happen and you want to make sure that you are protected. What happens if there is an issue? There can be a holdback of funds, until the problem is rectified. This is why you do this before the funds are transferred. If the funds have already transferred and then a problem is discovered, well that's something that could get messy and costly as legal issues may come into play. Basically, my point is that a walk through is a must when you are purchasing a property. You are already spending the money. Make sure you get what you paid for.