A walk through is the last look at a property whether you are leasing or purchasing it. It is an important part of the process as it protect the tenant or buyer. Here is why it should not be overlooked.
Let's start with a rental scenario. The tenant must leave a security deposit when leasing a property, which protects the landlord in the case of damages or neglect to the home.
The tenant should do a walk through prior to taking over the property to ensure that all appliances are working, the HVAC system is functioning well, and to notate any damages to flooring, walls, cabinetry, or any other part of the home. This "report" as we will refer to it should include photos and be sent to the landlord. This will protect the tenant from losing part or all of the security deposit for any damages done by a previous tenant.
Now, let's discuss why this is important when purchasing a home. A buyer should take the time to go back through the property (best done when vacant) to make sure it is still in the same condition as when the contract was signed. This gives the buyer the opportunity to check the condition, as well as to see that window coverings and light fixtures that were included with the sale are still in the home. Sellers often unintentionally remove things from the home thinking the buyer won't want them.
I recall a multi-million dollar home where the entire smart home system with security and entertainment had been removed. Thankfully, this was discovered at the walk through. The seller returned it all but thought the buyer would have wanted a new system. The buyer on the other hand saw it as $25k being removed from the home. This was easily remedied because the walk through was done. It does not matter the price range, whether a $200k condo or $3.5M home, a walk through should take place prior to closing ALWAYS!
In this very hot, accelerated market, I am seeing agents take short cuts. From my perspective as a broker, not only is this poor customer service, it is also a liability. Don't ever hesitate to question your agent. A good agent will want to ensure a great end result for his/ her client!