Mark Weisleder is a practicing real estate lawyer in Toronto and writes a regular column in the Toronto Star newspaper. He recently covered the topic of pre-purchase inspections.
When an offer is accepted on a property, there is a clause in the fine print that says the property remains at the risk of the Seller until completion. So for example, if there were a flood, fire, vandalism or other such problem prior to closing, it would be the Sellers responsibility to return the property to the same condition as when the Buyer viewed the home. The question is, how does a Buyer know the house is in that same condition on closing day as it was when they made their offer?
As a standard matter of practice, all of our offers always contain a clause giving the Buyer the right to inspect the property prior to closing. We encourage them to do so AFTER the Seller has moved out so they can ensure there has been no major damage and further, that chattels contracted to remain, are in place.
You may wonder if it is worth it but I could write a book about the things we’ve seen on closing day inspections. 99% are fine but the others have been serious and have resulted in challenges , holdbacks and delayed closings. Sellers who move out early, should inspect their homes frequently until the closing date to make sure nothing has happened and Buyers should also do a pre-close inspection. You can read Mark’s full article here.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg