Escrow & Title
In Rhode Island, what is the purpose of a 'final walk-through' before closing?
ATo conduct a final appraisal of the property
BTo allow the buyer to verify the property's condition, confirm agreed-upon repairs were made, and ensure personal property to be included or excluded is as agreed✓ Correct
CFor the buyer's lender to inspect the property
DFor the listing agent to confirm the property is vacant
Explanation
The final walk-through allows the buyer to verify the property's condition hasn't changed since the purchase agreement, confirm that required repairs have been completed, and ensure included items remain and excluded items have been removed.
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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.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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