Closing Checklist for Commercial Real Estate Transactions

What's included

This template contains 78 closing items organized by 9 timeline phases, covering every step from PSA execution through post-close integration. Each item includes a status dropdown (Not Started, In Progress, Complete, N/A), an owner field, notes column, and target date. A progress bar at the top auto-calculates overall completion.

The first tab includes deal info fields for property name, buyer entity, seller entity, close date, and lender. These fields keep the checklist grounded in the specific transaction and provide context when sharing with legal counsel, lenders, or title companies.

Timeline phases

The checklist is organized chronologically so your team can focus on what needs to happen now, not what comes later. The 9 phases map to the typical lifecycle of a commercial transaction:

1. PSA Execution

Distribute executed PSA, open escrow, deliver earnest money, and notify the title company. Legal counsel takes the lead here.

2. Due Diligence Period

Order third-party reports, request seller documents, begin property inspections, and conduct tenant interviews. The acquisitions team owns this phase.

3. Financing

Submit loan application, provide lender due diligence materials, order appraisal, and negotiate loan terms. Finance leads with support from legal.

4. Legal Review

Review title commitment, resolve exceptions, negotiate tenant estoppels, and confirm entity formation for the buyer. Outside counsel drives this phase.

5. Title and Survey

Review the survey, resolve boundary or encroachment issues, confirm easements, and order the title policy. Title company and legal work together.

6. Insurance

Obtain property insurance quotes, confirm lender requirements, bind coverage effective at closing, and deliver certificates. Operations or risk management handles this.

7. Pre-Closing

Finalize closing statement, confirm prorations, schedule the closing, and conduct a final property walk-through. All parties coordinate during this phase.

8. Closing Day

Execute closing documents, wire funds, record the deed, and confirm title policy issuance. Legal and finance share ownership of closing day execution.

9. Post-Close

Notify tenants of ownership change, transfer utility accounts, onboard property management, and file entity registrations. Operations and property management take the lead post-close.

Key deadlines to track

Commercial closings involve hard deadlines that, if missed, can jeopardize the transaction. The most critical include: earnest money deposit deadlines, DD expiration date, loan commitment deadline, estoppel delivery dates, and the closing date itself. This template includes target date fields for every item so nothing is left to memory.

For teams managing closings inside MotionCRE, these checklist items integrate with the task and calendar system within each deal workspace. Set deadlines, assign owners, and get visibility into every active closing across your pipeline.

Before closing, make sure your due diligence is complete with our multifamily DD checklist or commercial DD checklist. Use the deal room document checklist to verify all documents are in order before the closing table.

Frequently asked questions

What documents are needed to close a commercial real estate deal?

A commercial real estate closing requires the executed PSA, title commitment and policy, survey, environmental reports, estoppel certificates, tenant subordination agreements, loan documents, entity formation documents for the buyer, closing statement, deed, bill of sale, and assignment of leases. The exact list varies by deal structure and lender requirements.

How long does commercial real estate closing take?

Most commercial real estate transactions close within 60 to 90 days from PSA execution. The timeline depends on due diligence complexity, financing contingencies, tenant estoppel delivery, and title curative work. Larger portfolio deals or transactions with assumable debt can take 120 days or more.

What happens between PSA execution and closing?

After PSA execution, the buyer enters the due diligence period to inspect the property and review documents. Simultaneously, the buyer secures financing and the title company prepares the commitment. As the DD period ends, both parties negotiate any price adjustments or repair credits. The final weeks involve loan document preparation, closing statement reconciliation, and scheduling the closing itself.