The condition of real property has an impact on which properties buyers make offers on and on what price they feel willing to pay. Buyers typically look at photographs and disclosure reports before seeing the property in person.
After a tour or open house, they may negotiate an offer based on the perceived condition of the property. So long as appraisals and inspections come back without any surprise inclusions, buyers may be eager to get to the closing table.
However, when they perform the final walk-through of the property before signing the documents, they may notice new and unexpected issues with the property. What options do buyers have when they notice new damage to the property during the pre-closing walk-through?
Communication with the seller can help
Sellers generally have a responsibility to keep the home in the same condition it was in when the buyers made their offer or inspectors toured the property. Moving damages can range from gouges in hardwood floors and holes in drywall or plaster to broken windows and replaced finishes that may have influenced the buyer’s perception of the property. Sellers may need to return removed items or pay to repair the damage.
In some cases, the insurance carried by professional movers could help cover the costs of move-out damage to the property. Occasionally, when sellers refuse to take accountability or the damages are significant, buyers may need to choose between completing the closing or canceling.
Particularly in cases where there isn’t a business insurance policy to cover the losses and the seller refuses to take accountability, buyers may need to weigh their options carefully. Reviewing the extent of surprise damages with a real estate lawyer can help those scheduled for a closing respond to a change in property conditions.
