Walkthrough before closing (Co op)
Started by Siggy98
over 15 years ago
Posts: 50
Member since: Nov 2008
Discussion about
Who usually attends?
you, bring a second pair of eyes if you can.
broker if there was one and someone from the seller
The selling broker lets you in, but for the most part will not do or say much, if anything. Most deals are 'as is', so unless there was a material change (light fixtures that were promised are missing, or the bathtub from the floor above fell through the roof) there will really not be any notes to be taken.
The buyer, or in some cases when the buyer cannot be there, an attorney. Although since you sound like a buyer, you should be there!
The buyer's broker, if there was one. In some cases, new developments will only allow the buyer, or their broker, but not both at the same time. This is partially because brokers probably have a better eye for things than a buyer, but most buyers do not want to let their broker give the okay. This probably doesn't happen as much as it did a few years ago.
RE2009 is right in saying you should bring another pair of eyes, BUT, don't let it just be a friend who isn't familiar with the process. While they are close to you, they may only point out things that have been discussed already and generally add a 'too many cooks in the kitchen' element.
Nine times out of ten though you and your broker will be fine to check out the apartment quickly (10-20 minutes).
Thanks...very helpful!
For my walkthru before closing, the seller broker let me in. She brought a small lamp that she plugged into each electric outlet in the apartment to make sure they work. If they don't, you will have to fix it since it is INSIDE the apartment, it's the owner's responsibility, no the coop. We also flush all the toilets and run the sinks to make sure water is flowing as it is (again it is inside the apartment, your responsibility). Everything else is as MRussell said, unless the bathtub from upstair failed through, there wasn't that much to take notes of. Good Luck.