Your buyer’s agent will schedule a final walk-through of the apartment usually the day before closing, or right before the closing on the same day.
During this final walk-through, you’ll have the opportunity to inspect the apartment and make sure that the condition hasn’t substantially changed since your last visit.
This means that you should check to make sure the appliances, toilets, showers, sinks, lights and electrical outlets are still in working order. You should look for any damage that may have been caused by the movers when the seller moved out their furniture.
Most purchase contracts will stipulate that the condition of the apartment has not substantially changed since the signing of the contract.
The only way to prove that something has changed since your last viewing is to take lots of photographs. Otherwise, because properties in New York are sold as is, there will be no way for you to prove that the new hole in the wall wasn’t always there!
On closing day, you’ll typically meet at the building’s managing agent’s office or the seller’s attorney’s office. Attorneys representing the banks, the seller and the buyer will be present as well as a closing coordinator who will shepherd all parties through the closing process. The buyer and seller will also be present unless they have given a power of attorney to their lawyer to act on their behalf.
The brokers are typically not present at closing and will usually pick up their commission checks at a more convenient time.
This is because there is nothing for the brokers to actually do during a closing, and often times conference room tables will not have extra seating for the brokers. If a broker were to show up towards the end of the closing, it would only be to congratulate their client and to pick up their commission check!
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