A final walk-through is when a home buyer takes a final look at their prospective new property to confirm that it is in the condition in which they agreed to buy it. Usually, the buyer and their real estate agent attend the walk-through which typically occurs around a day before the final closing, when the buyer takes possession of the house. For the buyer, a final walkthrough is one last chance to make sure the building is in good shape, and that the seller has completed any repairs that they have agreed upon.
How Does a Final Walk-Through Work?
Here is an overview of the final walk-through process.
- The agent schedules the walk-through. The final walk-through is the second-to-last step in the home buying process. The time is usually set when the parties agree on a closing date. If a repair was discussed prior to the walk-through, it would be included as an inspection contingency, and should be resolved before the walk-through.
- The seller moves out. The seller has usually completely moved out by the time of the final walk-through. This frees the buyer up to fully assess that the house is in good condition before they move in.
- The buyer and agent do the walk-through. The buyer and the agent will do the final walk-through, typically 24 hours before closing. They will note any issues that arise.
- The seller addresses the buyer’s concerns. If any problems arise in the final walk-through, the seller is allowed to address them in a timely manner. Small concerns like changing light bulbs or fixing door hinges can usually be addressed within a few days. If there’s a larger concern—like an inadequate repair to an existing problem—the buyer can delay closing and hold some of the funds for the house in escrow until the repairs are completed. If the seller does not complete the repairs, the buyer can walk away from the sale.
- The buyer closes on the property. Once the seller completes the repairs that the buyer has requested and the buyer has signed off on them, the buyer can close on the house. The seller will sign the deed to the house over to the buyer, transferring the title and ownership of the house to the buyer.