Humber/Ontario Real Estate Course 3 Exam Practice

If a buyer is advised to conduct a final walkthrough before closing and skips it, what is at risk?

1. The buyer risks inheriting any undiscovered issues with the property.

2. The buyer may not notice minor issues until after closing.

3. The buyer’s lawyer must ensure all issues are resolved before closing.

4. The buyer can request compensation for any unnoticed issues after closing.

5. The buyer must rely entirely on the initial home inspection.

6. The buyer can renegotiate the offer if issues are found later.

The correct answer is: The buyer risks inheriting any undiscovered issues with the property.

Conducting a final walkthrough is a crucial step in the home-buying process because it allows the buyer to confirm that the property is in the agreed-upon condition before closing. If a buyer skips this walkthrough, they risk inheriting any undiscovered issues with the property that may arise after the purchase is finalized. This could include damage that was previously unnoticed, repairs that were promised but not completed, or issues related to fixtures and appliances that might not function as expected. By not performing the final walkthrough, the buyer forfeits the opportunity to identify these problems beforehand, which could lead to significant unexpected expenses and complications after the sale is complete. The importance of the final walkthrough lies in ensuring that the property meets the buyer's expectations and is in the specified condition detailed in the purchase agreement. It serves as the last chance to clarify any discrepancies or ensure that all agreed-upon repairs have been made prior to taking ownership.