Is A Final Walk Through Necessary?
A final walk through before closing is included in the purchase agreements that I write. It basically states that as the buyer, you have an opportunity to "walk through" the property one more time before closing. This is where you will want to double check that things are still in working order, and that the terms of the purchase agreement that you agreed upon are being adhered to. Hopefully the seller should be completely moved out (or fairly close by then) when you do your final walk through the day before closing. You will want to notice if the appliances for example are still there if that is what you negotiated. Is the home still in the same condition as when you wrote your offer? Are the mechanicals still in working order? Are there any issues such as leaks, damage, etc? If there are issues, you may want to bring these up before you become the new homeowner.
On the other end, you will want to make sure that the home is cleaned out of debris and all of the personal items that are not supposed to be left. Our purchase agreements state that the seller should be leaving the home in "broom clean" condition. There should not be trash laying around, paint cans or rubbish that they cannot get rid of themselves. Sometimes it is acceptable to have some full garbage cans that were not able to be put out on the last garbage day. Otherwise, all of their items should be out by closing, unless the seller is getting occupancy. When the closing documents are signed, I say to my clients that you now own the home. I also highly recommend against the seller leaving items to be picked up after closing. Sometimes they can't get everything out in time and want to leave items in the garage for example to pick up later. Even though everything might be ok, there is a chance for something to happen. What if the seller leaves it longer than what they said? What if the seller claims that you damaged or stole something? What if there was a flood or a fire by chance, and their items got ruined? It's best to have all ties cut at the closing time..png)
If you are giving the seller occupancy after closing, I still recommend doing a final walk through beforehand. Some agents forego this, but I always recommend it. When you sign the papers at closing, you own the house. You are still taking the chance of something being wrong that you didn't know about, and sometimes it can be too late to do anything about it. Even though the seller has their furniture and items still in the home, I believe you should still walk through. You can judge if the home is still ok. Granted, during the occupancy stage something could still go wrong, but if it was an item that could've been corrected before closing, you might have had a better chance of resolving the issue then. If something does occur during occupancy, the issues would have to be resolved before a key exchange and a release of escrow is signed. This is done at the end of the occupancy period stating that the buyer is ok with the condition of the house at the key exchange date. I always recommend too that this key exchange takes place at the property. 
As a buyer, you want to walk through the home and make sure that the home is still in good condition. If there are issues, I would reconsider signing the key exchange form releasing any escrow funds. I've never had any issues with problems occurring during the occupancy period, but they can happen. What happens if the furnace or air conditioner breaks??? Everyone should be clear at closing who is responsible if something happens during the occupancy period.
Lots to consider when buying a home. This is just another reason why having an agent to guide you is a good idea!
Let me know if I can help with your home buying and/or home selling in Southeastern Michigan!