Final Details
Necessary repairs found during the initial inspection should be complete or resolved before the closing date. In some cases,
mortgage companies will require that repairs be done before the loan is issued. It can also be difficult to get professionals
back in a house to make repairs or touch-ups after closing.
Step 1: When the initial contract is written, list items that need to be fixed, and estimate repair costs.
Step 2: Once the final walk-through occurs and it is determined that the actual repairs amount to more than what is listed on the contract, you have two options: The parties agree that repairs be completed at the seller's expense prior to closing, or the parties agree that the seller will pay the purchaser for repair costs at the time of closing or reduce the cost from the purchasing price.
Happy house hunting!
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