Commercial Real Estate - A Check List to Purchase By - Prior to Closing

Once you have done the due diligence on the property you are looking at you will probably be getting ready for closing. Here are some more items that you will want to do for Due Diligence prior to closing:

Engineering Inspection and Survey

Environmental Inspection and Survey: Key Issues: Asbestos, Lead Paint, underground tanks, wetlands

Environmental Phase One: An Environmental Phase One (1) Assessment is an inquiry conducted to determine the environmental status of a property or facility in connection with a real estate property transaction. It follows standards which includes those published by ASTM.

Environmental Phase Two:
Assessments/Subsurface Investigations: These projects include but are not limited to subsurface drilling and sampling, monitoring well installation and sampling, ground penetrating radar, and asbestos and lead sampling.

LUST survey- leaking underground storage tanks

Financial Audit

Title Search and policy

Property tax verification

Tenant Estoppel Letters

Mortgagee Estoppel letters

Legal Verifications: licenses, permits, zoning