A closing checklist for apartments is essential for staying organized at a real estate closing for multifamily property. Attached is one I use when buying or selling apartments in Columbus, Ohio.
This list, that you can download here, does not include everything that you will need for your closing. That depends on your local area. For instance, if you are closing on multifamily investment property in Manhattan, you will be concerned with a host of other considerations at the time of the closing.
However, no matter where you buy property, it is essential that you make sure of at least one thing:
The single most important thing you must take to every closing … an attorney!
People ask me all the time, “Do I really need to have an attorney represent me?” The stand pat response for any Realtor to give is that yes, you should be represented by an attorney in the transaction. To be honest, 25 years ago, didn’t think that it was all that essential. But over the years, I have seen attorneys save their clients a lot of money, stress, time, and disaster! Maybe it is because thre are more real estate laws, or maybe it is because the laws are becoming more complicated in nature; but my recommendation to anyone buying or selling apartments is, hire an attorney.
It is simply the cost of doing business today.
Real estate attorneys will help you before, during, and oftentimes even after a closing.
Oh, and make sure you get the keys!
You would be surprised at how often buyers go to the closing, and the seller forgets to bring the keys, and the leases, and the tenant folders. The seller either forgets to bring them, or they drive to the closing from a location other than their management office. Sometimes, they don’t have all of them. What you as a buyer should know is this: If you are not able to get any of these things from the Seller before the closing, it will be 5 times moredifficult to get them from the Seller after the closing. Aftet the closing, you lose much of the leverage you had to motivate the seller to give you those things that you so obviously need, right away!
Take a few minutes to summarize your transaction:
A great part of a closing checklist is that it memorializes the terms of the deal, a summary of the loan, and the names and numbers of the buyers, seller, brokers, attorneys, lenders, title agents, etc. Having everything listed on a closing checklist will save you a lot of time in the future.
Click here to download a closing checklist I like to use when buying apartments.