What condition should I expect an apartment that I purchase to be in after the closing?

The condition of an apartment upon move-in can vary depending on a number of factors, including the state of the apartment prior to closing (and what is included in the contract) in a sales transaction.

When buying an apartment, it is common to perform a “walk-through” prior to closing, in order to deal with any last-minute issues with the unit.  Typically, the contract states that the buyer will accept the property “as is,” so the walk-through is used to identify any problems to address before or at the closing, so that you are satisfied with the condition of the unit when you take possession.

Once the transaction closes and the buyer owns the apartment, he/she is responsible for repairs or other problems (even prior to moving in), so having the seller address any issues is extremely important.  In addition, specific terms in the sales contract may require the seller to leave the apartment in a certain condition when vacating the property.  If these specifics are not followed, the buyer may have the legal right to demand reimbursement from the seller.

Therefore, the condition of an apartment when purchasing can depend on the walk through, contract and other variables between the buyer and seller.  As a buyer, make sure to inspect all aspects of an apartment prior to closing (and address any problems), so that you know what you’re purchasing.