I just received an addendum regarding a buyer's verification of property condition (final walkthru) to occur 5 days prior to seller vacating the property. In this case the seller is renting back the property for 30 days after close of escrow.
Be aware that final walkthru’s are typically performed prior to close of escrow to ensure all repairs have been completed and the property is in the same condition as when the offer was first written. IF there are issues (agreed upon repairs not made, house is trashed), the buyer then has the option to HOLD closing until these matters are corrected.
You’ll need to discuss this with your buyer and determine what they are comfortable with;
1-If no repairs were requested and the house well kept, buyer might opt to wait on the walkthru until after close but before the seller moves out (Make sure your buyer signs a waiver and an addendum outlining this for the seller to sign).
2-If repairs were requested, have a final walk thru prior to close and if the house looks to be in good condition or the rent back is short (2 day rent back after close), don’t bother with a second walkthru.
3-Have 2 final walk thru’s. One prior to close and a second one prior to seller vacating (offers the best protection). An additional addendum for the 2nd walkthru will need to be created.
If the buyer opts for 2- then an addendum is not needed as the verification of property condition is already addressed in the CAR RPA.
Protect both the buyer and seller by clarifying these terms at the beginning of the transaction negotiations.