Definition:
A walk-through is the final inspection of a property conducted by a buyer shortly before closing to confirm the home is in the agreed-upon condition and all requested repairs have been completed.
Explanation:
In real estate transactions, the walk-through typically happens within 24 to 48 hours before closing. This inspection allows buyers to ensure the property hasn’t sustained any new damage and that sellers have followed through on agreed repairs. During the walk-through, buyers check appliances, plumbing, electrical systems, heating and cooling, doors, windows, and overall cleanliness. Buyers can also confirm that fixtures, such as lighting, blinds, and built-ins, remain in the home if agreed upon in the contract.
If any issues are found during the walk-through, buyers can request the seller to correct them before completing the transaction, or negotiate a solution, potentially delaying closing until resolved.
Example of Walk-Through
Emma and Ryan are buying their first home. Two days before their closing date, they complete a final walk-through. They noticed the seller didn't fix a leaky faucet as previously agreed. They inform their real estate agent, who coordinates with the seller to quickly fix the issue, allowing the sale to close smoothly the next day.
Why is Walk-Through Important in Real Estate Transactions
A walk-through is crucial because it helps prevent surprises and disputes at closing. It provides peace of mind for buyers, confirming they’re getting exactly what they agreed upon. Sellers benefit too, as it reduces the chance of last-minute disagreements or legal issues after closing. Overall, the walk-through is a valuable step that protects the interests of both parties and ensures a smooth, transparent transaction.