Escrow & Title
At a Minnesota closing, the buyer's lender requires a 'final walk-through' before disbursing funds. The purpose of this walk-through is to:
AAllow the appraiser to verify the property condition
BConfirm the property condition matches the purchase agreement terms before closing✓ Correct
CSatisfy the home warranty company's requirements
DAllow the lender's inspector to approve the property
Explanation
A final walk-through allows the buyer (not the lender) to verify the property is in the agreed-upon condition at closing - that negotiated repairs are complete, included personal property is present, and no new damage has occurred. It is not an appraisal or inspection by the lender.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
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