What does the term "walkthrough" refer to in real estate transactions?

The term "walkthrough" in real estate transactions specifically refers to a final inspection of the property before closing. This important step allows the buyer to verify that the property is in the agreed-upon condition and that any repairs or changes promised by the seller have been completed. It serves as an opportunity for the buyer to ensure that everything is satisfactory before finalizing the sale and transferring ownership.

Typically conducted just before closing, the walkthrough helps identify any issues that may need to be addressed, such as repairs that were not completed or items that may have been removed that should have remained. This process is crucial for buyers to protect their investment and ensure that their expectations are met, thereby providing peace of mind as they transition to ownership.