Buying a new home is exciting and this is especially so for first-time home-buyers or for those who are ready to close on a dream home. After searching for the perfect property, when a buyer finally finds the right one, hopeful dreams of the future start developing.
However, making the decision to purchase a home is a serious and expensive one. In fact, for the majority of Americans, a home purchase is the most valuable asset in a portfolio. Many Americans buy homes and ascertain that the purchase is the best, longstanding investment they have. Indeed, homes are a high-value asset.
According to the Pew Research Center, having a home is by far the most prominent factor when it comes to total net worth. Before buying a home, though, it is incredibly important that the purchase is done after thorough inspection and examination of potential issues. For this reason, pre-closing home inspections are a must. If a home is bought that has serious problems, the purchase could be a money pit for the new owners. To avoid the hurdles that come with real estate closings, consider calling The Law Office of Jonathan Fleisher, Esq. today at 732.360.6409.
Why are Pre-Closing Home Inspections So Important?
The New Jersey Housing and Mortgage Finance Agency has a tremendous number of resources for soon-to-be home buyers. The agency offers resources, fact sheets, videos, FAQs, and other crucial information. This information is particularly helpful for understanding the full process of home buying and what to expect in the state of New Jersey.
One stage of the home buying process involves inspecting a home before signing off on its purchase. The purpose of a pre-closing home inspection is to protect a buyer before they commit to purchasing a home. Circumstances can change from the time a buyer initially does an inspection up until they are ready to close on a home. If there are issues with a home before closing, the inspection process will identify these issues so that buyers can make an informed decision about acquiring the property.
Unfortunately, in some cases, the pre-closing inspection is neglected. This puts a buyer in a position where the home they purchase may not be in the same shape that it was after the initial inspection took place. Pre-closing is an essential exercise in order to protect a buyer’s investment and interests.
Pre-closing Protects a Buyer’s Investment
When a buyer is ready to close on a home, there is a final walk-through to make sure everything is in order. If any issues arise, they can be addressed before a purchase is made. If the issues are not resolved to a buyer’s satisfaction, they are not legally bound to go through with the home purchase.
After closing, the obligations a seller has towards a buyer will be finished. If problems are noticed after the closing is complete, it is the buyer’s responsibility. It is in the best interest of a buyer to do a comprehensive initial inspection and do a follow-up walk-through before closing on the property.
It is critical to focus in detail on every stage of the real estate buying process. The New Jersey real-estate closing attorneys at The Law Office of Jonathan Fleisher, Esq. will provide the highest-level legal counsel so that your real estate transactions are successful.
Understanding the Process of Pre-Closing Inspections
Taking the time to look over the house is recommended prior to an official pre-closing inspection. It could be helpful to make a final list of action items to cross off so that nothing is forgotten. A quick list of such items that a buyer must inspect shall include:
- Check doors and windows to ensure they work, are sturdy, and in good condition or not broken. Look at the locks to see that they work and also verify that screens are still in place if they were there when the home was first shown.
- Look for water damage or areas where potential flooding or leaking could have happened.
- Turn appliances on and off. This includes a washing machine, dryer, dishwasher, oven, microwave, and refrigerator. Check to ensure heat is emanating from cooking appliances and that the refrigerator is cold.
- Check all the switches to lights to ensure they work.
- Bring an electrical tool with you to plug into outlets to test if they are operational.
- Look at walls for scratches, paint chips, dents, damages, or issues with the wall.
- If a property has amenities like decks, pools, hot tubs, also check that these too, are in good working order and in the right condition.
If there is any question about the state of anything that was noticed during the pre-closing walk-through, make a note of exactly what the problem is and where it is. These are important issues that need to be resolved prior to officially closing on the home.
Handling Repairs Before Closing
When a buyer requests that work be done to the prospective property they are wanting to buy, it should be done in a timely manner and finished properly. After it has been confirmed that the work was completed, buyers should go back and inspect the changes that were made. It is also a good idea to ask for warranties or work orders that may have been involved in the repairs.
Repairs that have not been done correctly or at all should be brought to the buyer’s agent’s attention. In fact, having your agent go back with you for the final walk-through can be even more helpful to have everything addressed. If necessary, adjustments to the purchase agreement can be negotiated and changed.
Speak to an Experienced New Jersey Real Estate Attorney Today
When closing is near, emotions can be high. It is natural for a buyer to feel exuberant at the thought of owning the property they have been waiting for. The important thing for buyers to remember is that taking the time to be detailed with the entire process will set them up to safeguard their investment. Inspections are a necessary part of the home buying process. The pre-closing home inspection process should not be overlooked.
The Law Office of Jonathan Fleisher, Esq. takes a hands-on approach to business transactions like home buying. To obtain seamless client care while you enjoy a streamlined experience when you are ready to buy your next home, consider contacting the New Jersey real estate closing attorneys at 732.360.6409.