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Commercial

Checklist

Before Closing

FOR BUYER

  • *Complete Purchase and Sales Agreement (contract) *Include all special stipulations and amendments of the Purchase and Sales Agreement
  • Lender/Mortgage broker’s contact info and commitment letter
  • Invoices to be paid at closing
  • Corporate Resolution (if applicable)
  • Advise closing attorney’s office about any special request or circumstances

FOR SELLER

  • Seller Inquiry form
  • Signed Authorization to Release Information form
  • Call and cancel automatic withdrawals with the lender
  • Invoices to be paid at closing
  • Corporate resolution (if applicable)
  • Wiring instructions (if applicable)
  • Advise closing attorney’s office about any special request or circumstances

At the Closing Table

FOR BUYER

  • Official identification *Your current driver’s license. If you don’t have a driver’s license, please bring your passport or other government issued identification
  • Cashier’s check payable to “Liu & Associates, P.C.” for closing proceeds (if applicable) *Contact us 1 day prior to closing to obtain exact amount needed for closing. If funds exceed $2,000, it will need to be in the form of a cashier’s check
  • Original Power of Attorney (if applicable)
  • Corporate seal (if applicable)

FOR SELLER

  • Official identification *Your current driver’s license. If you don’t have a driver’s license, please bring your passport or other government issued identification
  • Original Power of Attorney (if applicable)
  • Cashier check payable to “Liu & Associates, P.C.” for closing proceeds (if applicable) *Contact us 1 day prior to closing to obtain exact amount needed for closing. If funds exceed $2,000, it will need to be in the form of a cashier’s check
  • Keys, owner’s manuals, etc…
  • Corporate seal (if applicable)
  • Original survey (if applicable)

After Closing

FOR BUYER

  • Send Moving Notice and Change of Address to:
    • Post Office

    • Credit card company and banks
    • Insurance, cell phone, internet, etc…
  • Get utility companies’ information *Not all utility companies will service your area. Asking your seller for exceptions of utility companies will save you time to learn them yourself. Common exceptions are solid waste and garbage companies.
  • Set up utilities
  • Get keys and security codes from seller
  • Get necessary documents from seller *Eg. warranty and manual for appliances, Condominium Association covenant
  • Notify your Condominium Association
  • Track the receipt of payment coupons *The 1st payment coupon for your mortgage should be included in the package given to you at closing. However, you need to make sure that you received the Homeowner Association payment coupon, especially if you purchased a condominium.
  • Receive your Warranty Deed and title.

FOR SELLER

  • Cut off all utilities
  • Send Moving Notice and Change of Address to:
    • Post Office

    • Credit card company and banks
    • Utilities companies
    • Insurance, cell phone, internet, etc…
  • Keep an eye out for *“Paid in Full” Letter and exceeding balance from your Lender *Letters sent to you from your mortgage lender to inform you that the loan is paid in full, the account will be closed, and that the release document will be sent to the county for recording. Your lender should also return the excess payoff amount from your account (if any) to you
  • Give forwarding address to the buyer *If mail is sent to your old address by accident, the buyer can forward it to you
  • File the sale of the property on your tax return
  • For §1031 Exchange property, keep in mind that you will need to follow the §1031 Exchange time frame to complete next transaction