What's actually double-checked in a final walkthrough of the business right before closing?

A final walkthrough is essentially a last check that what was represented in the purchase agreement still matches reality on the day the deal is actually completing. That typically means confirming the inventory and equipment listed in the disclosure schedule are actually present and in the condition described, checking that nothing material has changed about the business since signing, and confirming any items expressly excluded from the sale have actually been removed by the seller.

It's also where any pre-closing covenants — repairs the seller agreed to make, or specific items the seller promised to address before handover — get verified as actually done, rather than simply taken on faith. This walkthrough feeds directly into whether the seller can honestly sign the bring-down certificate discussed elsewhere, since that certificate confirms the representations remain true as of closing. If the walkthrough turns up something inconsistent with what was represented, that's exactly the kind of discovery that needs to go straight to your lawyer before you proceed to sign anything further.