Video Summary
What happens if something goes wrong in the final walkthrough? I assume that we’re talking about a residential real estate contract, and so you look at the property and the seller agrees to maintain the property and the condition that it is when you first entered into the contract and maintain the property in that condition. So, then whenever you go through your final walkthrough, you find that there’s problems with the property depending on how severe they are. If it is a defect in the property that was never disclosed, then at the closing you can decide not to purchase the property because it was an undisclosed defect, and so simply cancel the contract and ask to get your deposit back. That may require some litigation, but you don’t want to buy defective property if it is something minor or whatever. As far as the condition of the property, they didn’t remove the debris. There’s personal property that not was supposed to be there, or some other minor thing like the repairs not being done that were supposed to be done. That can usually be done through an addendum to the contract. As far as getting that worked out as far as having attorney do that, it’s probably a little late to hire a lawyer to represent you at that stage to step in unless you are at the point where you need to litigate to get your deposit back and talk to an attorney. So, the best thing to do is probably hire an attorney from the very beginning to represent you in the transaction and be able to advise you as to what you would like to do and how you accomplish it and whether or not you can recover any of your costs. If you have any questions about residential real estate contracts, well give me a call at (727) 847-2288.