Sales of Building Closing Check List
I. Accounting Yes No
a. Insure final balance in trust account is sufficient to cover
all anticipated expenses as of the close of Escrow.
b. Insure all possible rents are collected, and Aging Report
is accurate as of close of Escrow.
c. Double check security deposits and make sure there are
no past tenant balances.
d. Be sure to notify government entities such as the city
business license, property taxes, property insurance, permit
departments, etc of the change of ownership.
II. Contract Vendors
a. Insure all contract vendors and utility companies are
notified of change of ownership
b. Insure all vendors and utility companies are notified of
exact date of termination and to process separate prorated
bills as of the termination. This must be accomplished, at a
minimum, thirty (30) days prior to close of Escrow.
c. Insure security and alarm monitoring companies are notified
not later than thirty (30) days prior to close of Escrow of the
change of ownership and respective change in all emergency
III. Property Specific Employees
a. Insure all direct property specific employees on CHADUCO
payroll are notified of change of ownership and prospective
employer not later than thirty (30) days prior to close of
Escrow. Find out how to handle any unpaid accrued
b. Insure contracted employees other than CHADUCO
employees are notified by their respective contract employers
of the change of ownership.
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a. Insure a standardized written notification is sent and received
by all tenants of change of ownership and rent remittance
information at the close of Escrow.
b. Insure all tenants have proper emergency contact information
for New ownership and understand clearly on what date the
new information is effective.
V. Physical Property
a. Keys: Insure all property keys, to include key cards, are
inventoried and accounted for. Insure a responsible
representative of the new ownership signs a detailed receipt
for all keys and key cards at the appropriate time.
b. Tools, supplies, property plans, guarantee books, etc.:
Inventory all physical property prior to close of Escrow.
Insure a responsible representative of the new ownership signs
a detailed receipt for all appropriate property.
c. If there is a management transfer, perform a physical walk
through of the building showing all mechanical rooms,
a. Insure that copies of all leases and amendments have been
made to transfer to new owner as well as estopple originals.
b. Prepare to transfer any blueprints held by the management
c. If needed, notify CDC personnel to take location address from
the CDC answering service emergency call list.
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