If you’re thinking about selling your commercial property be prepared to get asked for a lot of information about your property. If you want to get your property sold quicker, time to get organized.
Here is a quick checklist to get you started:
- Most recent property tax assessments and tax bills
- Most recent title policy insuring the property
- Insurance policies with summary of insurance coverage,insurance inspector risk assessment report & premiums
- Survey (ALTA preferred)
- As-Built Plans and specifications for property (electrical, mechanical, structural)
- Site plan
- Copies of all recent appraisals, engineering reports, environmental reports
- Cut sheets for furniture, fixtures and equipment (FFE) conveying with property
- Warranties for real property improvements, FFE and personal property conveying with property
- Certificates of occupancy
- Written summary of all pending or threatened litigation, insurance claims, legal violations
- Reports or studies to bring property in compliance with ADA
- Schedule of special assessment districts and amounts
- Schedule of impact fees paid or owing
- All maintenance records for property
- Any encroachments onto the Property, or from the Property onto other lands?
- Are there any encumbrances on the Property that will not be cleared at Closing?
Easements? Covenants Running with the Land? Liens or other financial servitude’s?Leases?
- All Leases, including any addendum’s, riders or subleases.
- Rent roll
- Profit & Loss Statement (keep five years back minimum)
- Balance Sheet
- Payroll register
- Utility bills (keep at least two years minimum)
- Fire protection system inspection reports
- Tax returns
Further Reading: “The Checklist Manifesto: How to Get Things Right” by Atul Gawande
If you want a quick overview of The Checklist Manifesto, check out Derek Siver’s notes.
What am I missing? Feel free to add suggestions in the comments below.