Checklists
Read the file before the price.
Buyer
- Who signs the lease, and who guarantees it.
- Term remaining, options, and who can exercise them.
- Rent in place, and the bumps the lease actually prints.
- Taxes, insurance, roof, structure, and parking: who pays each.
- Asking price, cap, and NOI. If one is missing, it stays missing.
- If this is a 1031, the identification date and the closing date.
Diligence
- Lease, amendments, and commencement. A start date is not in-place rent.
- Estoppel from the tenant.
- Tax bills and insurance certificates.
- Title report and survey.
- Environmental, matched to the use. Fuel and car wash are not a drugstore file.
- What conveys as real property, and what stays personal property.
The list does not clear a property. It names what has to be in the file.