Sales Closing-TRACKER-CHECKLIST-June 1-2015-1-3 Sheet1
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This document outlines the steps involved in a commercial real estate closing process. It includes preparing and reviewing title searches, transfer documents, closing statements, escrow instructions, and recording the deed. It also involves notifying utility companies, confirming payment and prorations, and various post-closing tasks like reviewing policies and documents, securing files, and addressing other post-closing matters. The checklist is used to track progress and assign responsibilities for completing each step of the closing process.
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Sales Closing-TRACKER-CHECKLIST-June 1-2015-1-3 Sheet1
- 1. Order or review updated title search Prepare or review real estate transfer documents. Confirmation of Buyer’s delivery of down payment to Escrow Agent (Contract _________) Escrow Agent’s deposit of down payment (Contract _________) Prepare or review closing statements and figures. Notify Accounting of closing. Send closing statements and figures for review. Notify Utility companies to stop service to city and transfer accounts to new owner Prepare or review closing and escrow instructions which may include post-‐closing collection escrow setup. Prepare or review recording of deed DBA/TDA COMMERCIAL REAL ESTATE CLOSING TRACKER/ CHECKLIST SUBJECT RESPONSIBLE PARTY DATE A. Preparation for Closing
- 2. Review amount and type of payment funds which may include certified check, cashier’s check, or wire transfer Prepare or review loan and closing documents Confirm prorations for taxes and assessments Follow-‐up on development agreements Send letter to client confirming closing date Inform new owner to secure a locksmith to re-‐key property. Notify GSD to take off maintenance list Review the title policies issued Review the recorded ownership documents such as the deed Insure escrowed funds and other deposits are released Prepare storage files for documents to be retained Insure that all parties have received signed copies and/or originals as required Other post-‐closing matters B. Post Closing Wrap up