A final inspection is the point where the inspector reviews the completed permitted work for the items required at closeout. Passing intermediate inspections does not necessarily mean the permit is finaled.
Building departments use their own terminology, deadlines and procedures. Treat this as a practical orientation and verify the current rule with the jurisdiction that issued — or would issue — the permit.
Often it is the key closeout step, but confirm the permit record because other approvals or administrative items can still be outstanding.
An open permit can raise questions in a transaction. Check the actual permit record and discuss transaction-specific issues with the appropriate real-estate or legal professional.