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Corporate Comment

Closing Checklist Example

September/October 2004 Table of Contents

 

[NAMES OF PARTIES/NAME OF DEAL]
CLOSING CHECKLIST

Broker                   =
Buyer                    =
Buyer’s Counsel     =
Property                =
Seller                    =
Seller’s Counsel     =
Surveyor                =
Title Company        =       First American Title Insurance Company, Title Company and Escrow Agent

KEY DATES

Date of Execution of Purchase Agreement
Deposit of Escrow Money
Expiration of Due Diligence Period
Delivery of Title Commitment
Delivery of Survey
Expiration of Title and Survey Review Period
Projected Closing Date

 

I.  PURCHASE AGREEMENT

No.

Document/Category

Resp. For Delivery

Due
Date

Rec’d
Date

Approved
Date

Status

Comments/
Purchase Agreement Reference

 

Purchase Agreement

Seller/
Buyer

On Execution

 

 

 

 

 

Legal Description of Land – Schedule 1

Seller

On Execution

 

 

 

 

 

Current Tenant Leases - Schedule 2

Seller

On Execution

 

 

 

 

 

Current Service Contracts – Schedule 3

Seller

On Execution

 

 

 

 

 

Form of Estoppel Certificate (Tenants) – Schedule 4

SSD

On Execution

 

 

 

 

 

Lease Default Notices – Schedule 5

Seller

On Execution

 

 

 

 

 

Service Contract Default Notices – Schedule 6

Seller

On Execution

 

 

 

 

 

Anchor Tenants - Schedule 7

Seller

On Execution

 

 

 

 

 

Form of Deed – Schedule 8

Seller

On Execution

 

 

 

 

 

Form of Bill of Sale – Schedule 9

Seller

On Execution

 

 

 

 

 

Form of Assignment of Lease – Schedule 10

Seller

On Execution

 

 

 

 

 

Form of Assignment of Services Contracts and Intangible Property – Schedule 11

Seller

On Execution

 

 

 

 

 

Form of Affidavit of Non-Foreign Status – Schedule 12

Seller

On Execution

 

 

 

 

 

Form of Seller’s Closing Certificate – Schedule 13

Seller

On Execution

 

 

 

 

 

Form of Buyer’s Closing Certificate – Schedule 14

Buyer/
Seller

On Execution

 

 

 

 

II.  POST-SIGNING (DUE DILIGENCE PERIOD)

 

Delivery to Escrow Agent of Earnest Money of $20,000,000 plus all accrued interest under Deposit Note

Buyer

Expiration of due diligence period

 

 

 

 

 

Delivery of Survey

Seller

Within 2 days of execution

 

 

 

 

 

Delivery of Title Commitment and Exception Documents for issuance of owner’s policy as to Land and Leasehold policy as to Leased land

SSD/
Title Co.

Within 16 days of execution

 

 

 

 

 

Written Notice of Title/Survey Objections

Buyer

Within 14 days of last to have been received of title or survey or end of due diligence

 

 

 

 

 

Satisfaction/Cure of Title/Survey Objections

Seller

Within 30 days of Notice of Objection

 

 

 

 

 

Tenant Leases and Schedule of Security Deposits

Seller

To be made available during due diligence period

 

 

 

 

 

Copies of Service Contracts

Seller

To be made available during due diligence period

 

 

 

 

 

Copies of Licenses, Permits and Certificates of Occupancy or other documents indicating compliance with governmental requirements

Seller

To be made available during due diligence period

 

 

 

 

 

Current Rent Roll

Seller

To be made available during due diligence period

 

 

 

 

III.  CLOSING

 

Tenant Estoppel Certificates

Seller

Prior to Closing

 

 

 

 

 

Limited or Special Warranty Deed

Seller

Closing

 

 

 

 

 

Bill of Sale

Seller

Closing

 

 

 

 

 

Assignment of Leases

Seller

Closing

 

 

 

 

 

Assignment of Service Contracts and Intangible Property

Seller/
Buyer

Closing

 

 

 

 

 

Settlement Statement

Title Co./
Buyer/
Seller

Closing

 

 

 

 

 

Section 1445 (Non-Foreign) Affidavit

Seller

Closing

 

 

 

 

 

Certificate of Officer of Seller authorizing transaction

Seller

Closing

 

 

 

 

 

Seller’s Closing Certificate

Seller

Closing

 

 

 

 

 

Letters to Tenants

Seller/
Buyer

Closing

 

 

 

 

 

Purchase Price

Buyer

Closing

 

 

 

 

 

Certificate of Authorization

Buyer

Closing

 

 

 

 

 

Buyer’s Closing Certificate

Buyer

Closing

 

 

 

 

 

Affidavit regarding Title (Owner’s Affidavit)

Seller/
Title Co.

Closing

 

 

 

 

 

Owner’s Fee Policy of Title Insurance

Title Co.

Closing

 

 

 

 

 

Original Leases

Seller

Closing

 

 

 

 

 

Original Service and Supply Contracts

Seller

Closing

 

 

 

 

 

Original Plans and Specifications, Building Permits, Other Certificates and Licenses, Books and Records

Seller

Closing

 

 

 

 

 

Certified Rent Roll

Seller

Closing

 

 

 

 

 

Escrow Instructions

Seller/
SSD

Closing

 

 

 

 

 

 

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