Whether buying or selling; here’s a typical list of what to expect when “due diligence” is required.

Generally, within 10 days after the effective date, the seller is expected to deliver to the buyer a number of documents. Stock up on toner; a lot of reports will be printed and copies made.   Don’t have it?  A typical purchase contract assumes non-disclosure indicates the item is “not in seller’s possession” or is “not readily available”.  Of course, you can’t produce what you do not have.

Here’s a standard list of what’s required today:

·         Rent Roll

·         Copies of Leases

·         Inventory of Business Personal Property

·         Copies of current warranties and/or guaranties related to the property

·         Copies of Insurance policies, including fire, hazard, liability, etc.

·         Copies of all leasing or commission agreements relating to the property

·         Copies of “as built” plans, specifications and a plat of the property

·         Copies of all invoices for utilities and repairs incurred by seller in the 24-months prior to the effective date of the offer.