Page 13 - Trump University Commercial Real Estate 101

Contents

Property Tax Bills 119
Service Contracts 119
Payroll Register 120
Insurance Policy and Claim History 120
Capital Improvement and Maintenance Log 120
Incomplete Maintenance Requests 121

Is Renegotiation Necessary? 121
Physical Due Diligence 122
Site Inspection 122
Site Plans and Specifi cations 123
Survey 123
Tool and Supply Inventory 124
Appraisal 124
Phase I/Phase II Environmental Inspections 124
Pest Inspection 125
Tag Along for the Inspection 125
What If You Find a Problem? 126

Legal Due Diligence 126
Building Code Violations 127
Zoning Certifi cates 128
Insurance 128
Local Ordinances 128
Licenses, Certificate of Occupancy, and Permits 129

Vendor Contracts 129
Estoppels 129
The Big Picture 130

One Very Key Step 131
Getting to the Closing 132
The Escrow Agent 132
Should You Get Title Insurance? 133
Setting Up the Closing 134
What Should Be in Place on Closing Day 135

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