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Real Estate Closing Checklists

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Real Estate Closing Checklists Powered By Docstoc
					MnSCU Federal ID No. 41-168-75-54

                                    DOCUMENT CHECKLIST
                                        Acquisition of


Property
Seller
Buyer
Attorney
Title
Funding
Closing Date
Closing Location
Purchase Price:



Deadline     Topic                  Responsible Party    Completed   Status
             Agreements

             Option Agreement
             Purchase Agreement
             Lease


             Appraisals




             Seller’s Obligations

             Warranties
             Plans
MnSCU Federal ID No. 41-168-75-54
Deadline   Topic                                   Responsible Party   Completed   Status
           Records
           Contracts (including leases)
           Permits
           Surveys
           Inspection Reports
           Land (Environmental) Reports




           Environmental and Condition
           Facilities Condition Assessment
           (improved property )
           Telecommunications requirements
           Phase I Site Assessment
           Phase II Environmental Assessment
           Hazardous Substances assessment
           (materials require special handling)
           MPCA Assurance (No Association, No
           Further Action or Closure Letter)
           Utilities – including septic or wells


           Title
           Survey (ALTA/ACSM)
           Title Insurance Commitment
           Gap Coverage (Title Insurance)
MnSCU Federal ID No. 41-168-75-54
Deadline   Topic                                  Responsible Party   Completed   Status
           Special assessments
           Title Objections Identified/Date
           Any Unrecorded Interests
           Access (Adequacy)
           Property Taxes
           (Amount and / or
           Current Status)




           Approvals

           Office of the Chancellor Approval
           Board of Trustees Approval/Date
           Legislative Concurrence (Purchase     Buyer
           Only)
           Tax Parcel Division Approval
           (municipality – when selling only a
           part of platted land)
           Legislative Approval
           Improved Property

           Corporate Resolutions
           Certificate of Good
           Standing/Existence
MnSCU Federal ID No. 41-168-75-54
Deadline   Topic                                  Responsible Party   Completed   Status
           Certified Rent Roll
           Tenant Estoppel Letters
           Assignment of Leases


           Closing Documents

           Lease to Health Partners
           Closing Statement
           Limited Warranty Deed
           Certificate of Real Estate Value

           Affidavit of Purchaser of Registered
           Land (torrens only)

           Well Disclosure Certificate
           Storage Tanks certificate
           Individual Sewage Treatment System
           certificate
           Title Commitment (marked up)
           Seller’s Affidavit
           FIRPTA Affidavit

           Bill of Sale
           Original Documents
           Assignment of Contracts, warranties,
           etc.
MnSCU Federal ID No. 41-168-75-54
Deadline       Topic                               Responsible Party   Completed   Status
               Bring-Down Certificate
               Opinion of Seller’s Counsel
               Notification to City of St. Cloud
               regarding state ownership status
               Affidavits

               Seller’s Affidavit

               Affidavit Re: Underground Storage
               Tanks (Minn. Stat. § 116.48(b)
               Evidence of removal of tank by
               certified contractor
                                                   Responsible Party    Due By     Status
               Other Closing Items
Lease Signed
Letter of undertaking
Assignment of Agreements
Method of Payment (Wire or check)
Property Tax Proration
Title Insurance Policy
Keys
Security codes or cards
Final Utility reads
Tax ID Numbers
MnSCU Federal ID No. 41-168-75-54
Deadline      Topic                                 Responsible Party   Completed   Status

                                                    Responsible Party    Due by     Status
               Post-Closing Items
Tax Exempt Statement
Notification of Others of Acquisition
                                            OOC
                                          Campus
                                  Risk Management
                                             City
Security codes or cards
Final Utility reads

				
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Description: Real Estate Closing Checklists document sample