WALK-THROUGH

A walk-through gives the buyer time to inspect the property before closing to ensure it's in the
same condition as it was when they made an offer. If repairs or replacements were part of the
contract, it's also a time to check the repairs and replacements are to your specifications. 'Once
the settlement is complete, the home and any issues and concerns you previously had are yours
now,' says Sniscak.

ESCROW
A third party will hold your escrow funds (including the earnest money deposit) in an account
until all the documents, deposits, and other loose ends are tied up to the satisfaction of parties
involved. Escrow also applies to mortgage terms. 'It is an agreement whereby the borrower adds
a specified amount for taxes and hazard insurance to their regular monthly mortgage payment.
The money goes into an escrow account out of which the lender pays the taxes and insurance
when they come due,' says Trickey. Make sure you know about these taxes if you're buying a
house.