Page 270 - Trump University Commercial Real Estate 101

TRUMP UNIVERSITY COMMERCIAL REAL ESTATE 101

Then the due diligence period will involve lots of questions and back -
and - forth . The buyer ’ s lender will have its own list of To Dos .
Make sure that things don ’ t grind to a halt with each side waiting
on the other for something. Check in regularly with your attorney and
broker, who in turn should be contacting their counterparts with the
buyer.
Stay on top of the dates for the inspection, appraisal, survey, and
title work. Know when they were ordered and get dates for when they
are due. Don ’ t just wait until something is overdue to start asking
questions, but check to make sure they ’ re coming along.
If you don ’ t check up on these items, one or more of them will not
get done. Also contact the buyer ’ s bank and make sure they have
ordered and received their reports.
Regularly check in with the buyer ’ s attorney, closing attorney, and
your own attorney. The buyer ’ s attorney or title company should be
completing the title, the purchase and sale agreement, and its review
of the closing documents. The lender ’ s attorney should be preparing
the closing documents, the note, and the closing statement. Your attor-
ney should be prepared to do whatever is necessary for you to close the
loan, including checking the closing statement for accuracy.
Determine whether the buyer has lined up his insurance policy.
Simply go back to the checklist that you used when you closed on the
property as the buyer, and use that list as a guide for what your buyer
must now do.
Could you make the argument that the buyer is a big boy and
should be able to do all this stuff without prompting? Yes, you could.
That should be a great comfort to you when the deal falls through and
you ’ re at some bar, slumped over a drink.

The Closing

If you take my advice and stay on top of the transaction until the very

end, you ’ ll find the closing to be a breeze.

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