Walkthrough

Definition

The final tour of a home before closing where you discover all the things that broke between the inspection and now. It's supposed to be a formality but often turns into a horror movie.

Example Usage

"During the walkthrough I found the seller took the dishwasher, all the light fixtures, and somehow the front porch railing. They left behind a note that said 'good luck.'" - A walkthrough survivor

Related Terms

Intermediate

tax abatement

A reduction or elimination of property taxes for a specified period, typically offered as an incentive for development or renovation in targeted areas. It's the government's way of bribing you to improve neighborhoods they've neglected.

🏠 Real Estate

Intermediate

seller financing

When the property seller acts as the bank because either the buyer can't get a traditional loan or the seller wants to collect interest payments. It's basically a handshake agreement with paperwork, beloved by people who can't qualify for mortgages and sellers who enjoy playing banker.

🏠 Real Estate

Intermediate

break-even point

The moment when your total homeownership costs equal what you would have spent renting, making your purchase financially justified. It's the mathematical validation you desperately need after signing that mortgage.

🏠 Real Estate

Advanced

recourse loan

A loan where the borrower remains personally liable even after foreclosure if the property sells for less than owed. It's the lender's insurance policy that you can't just walk away.

🏠 Real Estate

Intermediate

exclusive right to sell

A listing agreement guaranteeing the agent gets paid commission regardless of who finds the buyer—even if it's you. It's the real estate equivalent of a no-compete clause, except you're competing against yourself.

🏠 Real Estate

Beginner

plat

A surveyed map showing property boundaries, lots, streets, and easements in a subdivision, recorded with local authorities. The official drawing that proves your neighbor's fence is definitely on your lawn.

🏠 Real Estate

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