Walk-through is a money term you need to understand. Here’s what it means.

What is a walk-through?

A walk-through is a buyer’s final inspection of a property before closing on the sale. The walk-through gives the buyer an opportunity to make sure the property meets all the requirements listed in the contract. Most walk-throughs occur 24 hours before the scheduled closing.

Deeper definition

A lot can happen between the moment buyers and sellers sign a real estate contract and show up at the closing table to complete the transaction. Most real estate contracts specify the condition that buyers expect the property to be in when they receive it.

This includes which appliances and light fixtures the sellers must leave behind, and repairs they need to make.

Buyers complete walk-throughs before closing to make sure the sellers meet their contractual obligations. During this process, they should make sure all the appliances and light fixtures work, inspect the floors and walls, and check whether the seller removed all personal belongings and trash from the property.

If the buyers discover a problem during the walk-through, they have a chance to delay the closing until the sellers correct the problem, or renegotiate the agreement with the sellers.

Walk-through example

When you buy a house, the walk-through is the final step before the house officially belongs to you and becomes your responsibility. During the walk-through, you and your agent explore the house from top to bottom, looking to see that the seller left behind the appliances in the kitchen, repaired the hole in the laundry room and replaced the broken garbage disposal.

For example, if the seller decided to take the refrigerator you both agreed would stay, you can delay the closing until the seller replaces the refrigerator or renegotiate the contract to reimburse you for the missing appliance.

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