What is a Walkthrough?
A walkthrough is one of the last steps a buyer will take before they close on their new home. During a walkthrough, the buyer and their real estate agent visit the property to confirm that any previously agreed upon repairs or updates have been completed and that there are no new issues or damages.
If any issues are identified, the buyer and their agent will address them with the seller and the seller’s agent. If necessary, they may negotiate a resolution or delay the closing until any issues are resolved.
Why is this term important?
It is important for buyers to carefully inspect the property during their walkthrough. This can help avoid any potential issues or surprises after closing.
Here is an example:
A home buyer is preparing to close on their new home in the next 24 hours. With their agent, they visit the property to conduct a walkthrough. To help make the most of the walkthrough, they come prepared with a list of items to check including plumbing fixtures, electrical outlets, and appliances.
They notice that a few boxes have been left in the basement and that a light fixture that was supposed to be purchased along with the house has been removed. After the walkthrough, the buyer’s agent communicates these issues to the seller’s agent. The seller and their agent then ensure the boxes are removed and the light fixture is returned before closing, otherwise, the sellers may be responsible for paying a reimbursement agreed upon by the buyers.