the lower appraisal. • Financing: This can easily be avoided by ensuring you are financially prepared to buy a new home, which includes knowing your budget, understanding how much you can afford, and getting pre-approved for a loan, as discussed earlier in Step #2. Faltering in the finance department will probably sink the whole deal. It’s critical that you keep these potential pitfalls in mind before you get to the closing process. If something goes wrong, but appropriate contingencies are in place, the deal could still be saved. But it’s always better to be safe than sorry.
Step #12. The Closing Process
Once negotiations are complete and all contingencies have been removed, the transaction moves into the closing phase. At this stage, the focus is no longer on renegotiations, but on carrying out everything that has already been agreed to in writing.
THE BUYER'S FINAL WALK-THROUGH
Before closing, buyers are entitled to a final verification of property condition, commonly called the final walk-through. Under the California Residential Purchase Agreement (RPA), this step allows the buyer to confirm that: • The property is in substantially the same condition as when the offer was accepted • Agreed-upon repairs have been completed • No new damage has occurred since inspections Important legal clarification: The final walk-through is not a contingency and does not reopen negotiations. If a material issue is discovered, the buyer must notify their agent immediately so the issue can be addressed according to the contract, which may involve repairs
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