Commercial Investment Property Articles

Your Commercial or Apartment Real Estate Closing Checklist???

Darin Garman, CCIM
Copyright 2006 All Rights Reserved

So, what am I doing this weekend??

I am in my Ford Expedition on the way to Madison, WI to see my oldest and middle daughters play in a soccer tournament over the weekend.

Last weekend of fall soccer, then you go to indoor. If you have a kid in soccer, around 14 yrs old and 10 yrs. old respectively, you probably know what I am talking about. If not, just think these three words, drive, sit, watch...drive, sit, watch..kind of like lather, rinse,repeat......Anyway....

Buying and Selling an Apartment or A Commercial Investment Property is a tough deal. Why?

All of the things you must remember!

I just heard of a guy trying to close a 200 + unit apartment property and it fell through.

Want to know why? He did not complete and check off his closing list. He just showed basically showed up and hoped it would all work out. Well. Most of us are smarter than that BUT it pays to be prepared.

Lets run through an example:

I just worked with a small group to purchase a large apartment complex.

Here is my closing list:

1. Utilities Switched Over and Garbage.

2. Current Certified Rent Roll.

3. Separate Check For Rental Deposits.

4. Negotiated Items Done and Acceptable (like work needing to be done)

5. Property rents prorated and credited to me or getting a separate check at closing for it.

6. Insurance purchased and ready to go.

7. Accounts set up and fed id # retrieved. Including Banking and other vendors.

8. All investor contact and account information.

9. All lender docs and closing docs and number in order.

10. Clear Title.

11. Copies of All Leases.

12. All Keys to Property.

The Lesson? Have your list ready to go. Have it ready to go before you go to the closing table AND make sure that you
have checked off your items before you close.

Arguably, there could be more, but, this is the top 12.

I will be posting this on my blog soon too with a story about how a guy lost a 200 + unit property (coming soon) because he was not prepared. Keep a look out for it.

Best.

Darin Garman, CCIM
http://www.garmanupdate.com

If you have not taken advantage of my special limited time offer for a 2 month complimentary "test drive" of the CIPOA Platinum Club Membership, here is another opportunity to see what you have been missing...
 

Free 'Test Drive' of The Worlds Only
Commercial Investment Property Owners Association


 

 

Time-Out!
FREE 7-Part Commercial Property Investment Course

Sign Up Today For My FREE Online Course where I reveal  how you can profit using non-traditional ways of analyzing and investing and owning commercial investment real estate. Plus you will discover the incredible, proven inside secrets that will assist you in avoiding the mistakes that cause many to lose thousands at the closing table, and don't even know it.

Fill out the form below for your
FREE Mini-Course.

Name

Email

We hate spam as much as you do.  Your information will never be rented, traded, or sold.


| Back To Top | Home | Apartment Property Buyer Info | Apartment Property Seller Info |
| Commercial/Investment Property Buyers Info | Commercial/Investment Property Sellers Info |
| Realty Listing | Report | Client Remarks | Contact Me |

 

Copyright 2006 Darin Garman, CCIM, All Rights Reserved.
Apartment and Commercial Investment Property Specialist