Recently, I was at a walk-thru with my buyer on a sale in Laurel, Maryland. The walk-thru is typically done a few days before settlement and is done to make sure the home is the same condition it was at the time of ratification.
In this particualar walk-thru it was discovered the basement carpet was much more wet than at the time of contract ratification. Most contracts state the home must be in the same condition at settlement that it was in at the time of ratification.
In this particualar case, the listing agent was notified of the descrepency and agreed with the interpretation of the contract. The listing agent rectified the situation by haveing the wet carpet pulled from the property before settlement. This remedy was good for the buyer.
This is the importance of a walk through, to make sure the property was in the same condition it was at the time of ratification. The walk-thru can also be used to verify that home inspection repairs have been completed.