What is a walk-through in the context of real estate transactions?

In the context of real estate transactions, a walk-through refers to the final inspection of the property by the buyer before closing. This step is crucial because it allows the buyer to assess the property's condition, ensuring that any agreed-upon repairs have been completed and that the property is in the expected state prior to the transfer of ownership. During the walk-through, the buyer can verify that everything is in order and that there are no new issues that have arisen since their last visit. This inspection acts as a final opportunity to confirm satisfaction with the property and can play a significant role in the buyer's decision to proceed with the closing.

The other options involve important aspects of real estate transactions but do not define a walk-through. A legal review of the closing documents focuses on ensuring all legal requirements are met, while a procedure for title transfer deals with the actual legal transfer of ownership. Discussions of financial terms typically address the financial agreements and obligations surrounding the transaction, rather than the physical inspection of the property itself.