Scarinci Hollenbeck, LLC, LLCScarinci Hollenbeck, LLC, LLC

Firm Insights

How to Conduct an Effective Pre-Closing “Walk-Through” on Your New NYC Property

Author: Bruce Feffer

Date: February 2, 2022

Key Contacts

Back
How to Conduct an Effective Pre-Closing “Walk-Through” on Your New NYC Property

While it can be tempting to run towards the finish line when purchasing an NYC property, buyers should always conduct a pre-closing “walk-through.”

While it can be tempting to run towards the finish line when purchasing an NYC property, buyers should always conduct a pre-closing “walk-through.” Thoroughly inspecting the property before finalizing the transaction can help ensure there are no costly surprises awaiting you in your new home.

What Is a Pre-Closing Walk-Through?

As the name suggests, a pre-closing walk-through is one of the final steps before closing.  Typically, buyers will arrange the walk-through with the real estate agent. Knowing when to schedule it, and what to look for, are keys to a thorough and efficient inspection.

Final walk-throughs should occur as close to closing as possible, ideally a day or two before the scheduled closing date. The goal is to give buyers the opportunity to inspect the property one last time to verify that it is still in a good condition and confirm that any agreed-upon repairs have been completed.

In most cases, any issues discovered during a walk-through can be remedied fairly quickly. Alternatively, the purchase price can be adjusted to reflect any necessary repairs, or a sum of money can be set aside in escrow at the closing. However, should the buyer discover a significant problem,  the closing may have to be delayed or even cancelled. Whether you are able to recover your deposit is generally determined by the nature of the issue, as well as the terms of the sales contract. It is also important to note that, absent a written agreement, the seller generally has no obligation to address any issues identified after the closing.

Pre-Closing Inspection Check List

So, what should buyers be looking for during a walk-through? First, it is important to verify that any agreed-upon repairs have been made. Below is an example of additional items that should be on your pre-closing walk-through checklist:

  • Turn all light switches on and off to make sure lights and ceiling fans work
  • Run all kitchen and bath faucets to verify they work properly
  • Run shower/tubs to check for leaks and drainage issues
  • Flush toilets to make sure they work/don’t leak
  • Run all of the kitchen appliances and the garbage disposal
  • Test all of the electrical outlets
  • Run the heater and air conditioner
  • Turn on and test the fireplace
  • Open and close all windows and doors
  • Verify that garage door opens and closes
  • Confirm smoke alarms/carbon monoxide detectors are placed according to law and functioning
  • Run the exhaust fans in the bathrooms and kitchen
  • Inspect the walls, flooring, and ceilings for water stains or other defects
  • Examine the exterior of the building for structural and cosmetic issues
  • Verify that furniture and other seller’s possessions have been removed or that property agreed to be left behind is still there

If issues are discovered, it is important to determine what remedy you will seek, i.e., repair or credit. You should also be prepared to decide whether the issues are worth walking away from the deal should the buyer refuse your request.

Key Takeaway

Conducting a pre-closing walk-through should be a part of every New York City real estate transaction. While it may seem like an unnecessary formality, conducting a thorough inspection can help save you both time and money in the long run.

If you have questions, please contact us

If you have any questions or if you would like to discuss the matter further, please contact me, Bruce Feffer, or the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Scarinci Hollenbeck, LLC, LLC

Related Posts

See all
How to Conduct a Fair and Legal Employee Termination in 2025 post image

How to Conduct a Fair and Legal Employee Termination in 2025

Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]

Author: Angela A. Turiano

Link to post with title - "How to Conduct a Fair and Legal Employee Termination in 2025"
Admin Dissolution for Annual Report: What You Need to Know post image

Admin Dissolution for Annual Report: What You Need to Know

While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]

Author: Dan Brecher

Link to post with title - "Admin Dissolution for Annual Report: What You Need to Know"
What Is Antitrust Litigation Law? post image

What Is Antitrust Litigation Law?

Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]

Author: Robert E. Levy

Link to post with title - "What Is Antitrust Litigation Law?"
Dissolving Your Business: Essential Legal Steps to Protect Your Interests post image

Dissolving Your Business: Essential Legal Steps to Protect Your Interests

If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]

Author: Christopher D. Warren

Link to post with title - "Dissolving Your Business: Essential Legal Steps to Protect Your Interests"
The Role of Corporate Restructuring in Mergers & Acquisitions post image

The Role of Corporate Restructuring in Mergers & Acquisitions

Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]

Author: Dan Brecher

Link to post with title - "The Role of Corporate Restructuring in Mergers & Acquisitions"
Crypto Enforcement: A Former Prosecutor’s Warning to Criminals and the Public post image

Crypto Enforcement: A Former Prosecutor’s Warning to Criminals and the Public

Cryptocurrency intimidates most people. The reason is straightforward. People fear what they do not understand. When confusion sets in, the common reaction is either to ignore the subject entirely or to mistrust it. For years, that is exactly how most of the public and even many in law enforcement treated cryptocurrency. However, such apprehension changed […]

Author: Bryce S. Robins

Link to post with title - "Crypto Enforcement: A Former Prosecutor’s Warning to Criminals and the Public"

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Sign up to get the latest from our attorneys!

Explore What Matters Most to You.

Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.

Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.

Let`s get in touch!

* The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!