Due Diligence Checklist
Acquisition Due Diligence Checklist
A working checklist for tracking every item a buyer needs to request, receive, and review during the due diligence period of a commercial property acquisition, organized by category with an owner and status for each line.
When to use this
Open this the day the due diligence period starts (typically triggered by PSA execution) and keep it live throughout — it is a tracking document, not a one-time reference. Assign an owner to every item immediately; the most common way a due diligence period gets blown is a document nobody realized was still outstanding until three days before the deadline.
ACQUISITION DUE DILIGENCE CHECKLIST Property: [PROPERTY NAME / ADDRESS] Due Diligence Period: [START DATE] to [END DATE] ([NUMBER] days) Buyer: [BUYER ENTITY NAME] Prepared By: [NAME] Status key: [ ] Not Requested [R] Requested [X] Received [C] Reviewed/Cleared [!] Issue Flagged 1. FINANCIAL DOCUMENTS [ ] Trailing 12-month operating statements (T12), by month [ ] Trailing 24-36 month operating statements, if available [ ] Current-year operating budget [ ] General ledger / bank statements supporting the T12 [ ] Real estate tax bills (current and prior 2 years) and any pending appeals [ ] Capital expenditure history (prior 3 years) [ ] Utility bills (prior 12 months, all meters) [ ] Accounts receivable aging / delinquency report 2. LEASE & TENANCY DOCUMENTS [ ] Certified rent roll, as of [DATE] [ ] All executed leases and amendments, in full [ ] Lease abstracts (if not preparing your own) [ ] Estoppel certificates (requested from 100% of tenants / [NUMBER] of tenants representing [%] of GPR) [ ] SNDA agreements (existing, if any) [ ] Tenant correspondence file (complaints, defaults, notices, in prior 12 months) [ ] Security deposit ledger / letters of credit held [ ] Co-tenancy, exclusive-use, and radius-restriction provisions summary (retail) 3. PHYSICAL / ENGINEERING [ ] Property Condition Assessment (PCA) / building inspection report [ ] Roof inspection / warranty documentation [ ] Structural / mechanical / electrical / plumbing system age and condition summary [ ] ADA compliance survey [ ] Existing capital improvement plans or deferred maintenance list [ ] Elevator/HVAC/life-safety inspection and service records [ ] Pest inspection (multifamily) / grease trap inspection (retail F&B, if applicable) 4. ENVIRONMENTAL [ ] Phase I Environmental Site Assessment (existing or ordered) [ ] Phase II ESA (if Phase I recommends further investigation) [ ] Underground storage tank records, if any [ ] Asbestos / lead-based paint survey (pre-1980s construction) [ ] Wetlands / flood zone determination 5. TITLE & SURVEY [ ] Preliminary title report / title commitment [ ] Underlying title exceptions (Schedule B) reviewed and cleared or negotiated [ ] Existing ALTA survey (or new survey ordered) [ ] UCC lien search [ ] Litigation search against Seller and the Property [ ] Zoning compliance letter / zoning verification 6. LEGAL & REGULATORY [ ] Certificate of occupancy [ ] Business licenses and permits currently in effect [ ] Service contracts and vendor agreements (landscaping, trash, security, elevator, etc.), with assignability and termination terms [ ] Management agreement (if not being terminated at closing), with termination terms [ ] Any pending or threatened litigation involving the Property [ ] HOA / condo association documents and current dues status (if applicable) [ ] Existing loan documents, if assuming financing 7. INSURANCE [ ] Current insurance policy declarations (property, liability, flood if applicable) [ ] Loss run history (prior 5 years) [ ] Insurance claims history and current open claims 8. FINANCING / LENDER-SPECIFIC [ ] Appraisal ordered [ ] Lender's own PCA / Phase I ordered (if different from Seller/Buyer's) [ ] Loan application and required lender due diligence items delivered SUMMARY OF OPEN ITEMS / ISSUES AS OF [DATE]: [List items still outstanding, and any [!] flagged issues requiring resolution before the Due Diligence Period expires.]