Description

After getting the Purchase and Sale Agreement (PSA) signed, the due diligence phase begins. The first step is to create an escrow timeline, which outlines all the events and deadlines throughout the transaction. Important dates in the timeline include the due diligence start date, appraisal deadline, deadline for environmental reports, property inspection deadline, and financing contingency deadlines. Estoppels, which certify lease terms with each tenant, should be taken care of early on. During due diligence, it is crucial to review the estoppels for lease rates, rentable square footage, rent payments, common area charges, defaults, unfinished work, lease extensions, and purchase options. Being organized and following the escrow timeline is essential to not miss any dates or deadlines.

Takeaways

• Create an escrow timeline after getting the PSA signed to keep track of important dates and deadlines.
• Review estoppels to confirm lease terms, rent payments, common area charges, and any defaults or unfinished work.
• Be organized and double-check everything during the due diligence phase to ensure a smooth transaction.
• Follow the escrow timeline to avoid missing any dates or deadlines.

Chapters

00:00 Introduction to the Due Diligence Phase

01:03 Creating an Escrow Timeline

04:13 Preparing Estoppels

06:12 Reviewing Estoppels

07:32 Key Takeaways and Conclusion

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