#TerminologyTuesday: What is a final walk-through?

A final walk-through is exactly what it sounds like: a final walk through the property so the buyer can take a last look before closing.

It's pretty common practice, but there is a standard clause that should be in the offer to ensure the buyer will have an opportunity to take this final walk-through:

The Buyer shall have the right to inspect the property one further time prior to completion, at a mutually agreed upon time, provided that written notice is given to the Seller. The Seller agrees to provide access to the property for the purpose of this inspection.

Although the standard wording refers to it as "inspecting" the property, it is important to note that this is NOT a condition, like a home inspection condition, so there is no automatic right to cancel the deal if there is some problem found.  But it does provide an opportunity to make sure there have been no significant changes to the property. If there was some major new damage or issues revealed, the buyer would want to immediately discuss the situation with their lawyer.

This opportunity to revisit the property is also often used by buyers to make some measurements for new furniture or renovations they have decided to do in between when they made the offer and closing.  Unless it is a short closing time frame, I usually write the clause in to include "two further times" so that buyers can take an opportunity to measure if they need to make orders sooner, and still be guaranteed a final walk-through closer to actual closing.

Market Media Monday for July 7, 2025

A curated list of recent headlines relevant to real estate in Canada, with short excerpts. Click each headline link to read the full article on the source site.

[ Homeownership costs in Canada fall to most affordable level in three years ]
"It hasn’t been this affordable to own a home in Canada in three years, according to RBC Economics. Its latest national affordability measure dropped to 55.1% in the first quarter of 2025, down from 60.7% a year ago. The improvement was driven by interest rate cuts, small declines in home prices, and steady household income growth."

[ Posthaste: Canada home prices seen falling further as tariff war deepens downturn ]
"Canada’s housing market showed signs of life in May when sales rose for the first time in about six months, leading some to hope the long-awaited turnaround had finally arrived. But some economists are warning this “breather” will be short-lived and the housing downturn will continue through the year."

[ Could population decline spell trouble for Canada’s housing market? ]
". . . with the Canadian federal government now trimming immigration targets for the years ahead, that steady stream of new would-be buyers and renters is no longer guaranteed, and the condo markets in those two cities are already in the midst of a sharp correction."