Sometimes the final walk through is referred to as a "pre-closing inspection." No matter what it is called, it is a vital step before closing on the home you want to purchase. This will give you one last chance to look over everything. Of course, this final walk through is no replacement or substitution for a professional inspection. However, even if the home has gone through a professional inspection, a final walk through is still a must.
To schedule a final walk through, set aside a time with your real estate agent a couple of days before your closing date. During the final walk through, be sure to have your contract and agreed upon repairs with you as a reference. This will help ensure that everything that is supposed to be there is still there and everything that is supposed to be removed has been removed. Always do the final walk through after the previous owner has moved out and taken their belongings.
Also be sure that the home is in the same (or better) condition as it was when you saw it last. Check to make sure that all lights, appliances, faucets, toilets, heat/ac are in good working order. Open and close all of the windows and doors to make sure they function properly. Examine the outside of the home to be sure there is no new or unexpected exterior damage. If the seller agreed to any previous repairs, check and make sure they have been completed.
A thorough final walk through will take about an hour -- depending on the size of the home and other factors. Sometimes last-minute condition changes occur. Walls and floors can be scuffed while the previous owners are moving out. Hidden damages can be exposed. The final walk through gives you a chance to bring these possible changes to everyone's attention before it's too late. If you are unsure what to look for, an experienced real estate agent can help guide you through what to expect.