Title Page
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Conducted on
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Prepared by
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Location
Checklist
A. PROPERTY DETAILS
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1. Location<br>(a) Address<br>(b) Building Type<br>(c) Type of Construction<br>(d) Building Size<br>(e) Topography<br>(f) Special Conditions/Cost<br>(g) Access/Traffic<br>(h) Environmental Access<br>(i) Parking
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2. Exclusions to net acreage
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3. Summary of site history, ownership & development (any development agreements)
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4. General inspection of the improvements,<br>including the following:<br>(a) Interior and exterior maintenance;<br>(b) Occupied and vacant spaces;<br>(c) Restrooms and public facilities;<br>(d) Restrooms and public facilities and
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5. Property Condition Report
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6. Obtain cost estimates for deferred maintenance / Determine rehab budget
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7. Copies of any ground leases, master leases, joint venture agreements
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8. Copies of site plans, leasing brochures, maps and photographs
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9. List of all personal property
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10. Existing property inspection reports,<br>including:<br>(a) structural systems;<br>(b) mechanical and electrical equipment;<br>(c) fire and life safety systems;<br>(d) roof;<br>(e) curtain wall;<br>(f) parking lot;<br>(g) utility service;<br>(h) deferred maintenance;<br>(i) underground garage;<br>(j) elevators;<br>(k) ADA compliance;
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11. Obtain and review warranties on:<br>(a) Roof;<br>(b) HVAC equipment;<br>(c) Fire water pump equipment<br>(d) General contractor warranty;<br>(e) Major subcontractor warranties:<br>i. Electrical;<br>ii. Elevators;<br>iii. Concrete;<br>iv. Windows;<br>v. Flooring/carpet;<br>vi. Landscaping;<br>vii. Parking lot surfaces
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12. List of all hazardous materials known to be in use at property.
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13. Existing environmental study
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14. As-built plans and specs (including mechanical, electrical and structural)
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15. Certificate of occupancy & building permits, licenses, approvals and/or exemptions
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16. Copies of all insurance policies covering property
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17. Contact insurance to arrange for coverage
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18. Sales comparable and/or rent comparable study
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19. Current market reports and vacancy data
B. PROPERTY OPERATIONS
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1. Current rent roll
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2. Standard form of lease
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3. Monthly operating statements for last 2 years
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4. Utility bills for last 3 years (electric, water & gas)
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5. Obtain and review real property tax bills for last 3 years and most recent tax bill (any increases, special assessments forthcoming)
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6. Monthly delinquency report for past 3 years and budgeted for next 2 years
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7. Schedule of capital improvements over past 3 years and budgeted for next 2 years
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8. Operating and service agreement<br>contracts and lease agreements - Prepare<br>summary of contracts including:<br>(a) Vendor name;<br>(b) Services provided;<br>(c) Term;<br>(d) Charges
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9. Property management agreement
C. TENANT INFORMATION
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1. Tenant Status
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2. All tenant lease agreements and amendments
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3. Current financial statements for all tenants and lease guarantors
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4. Profile and background on each tenant
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5. Tenant estoppel certificates
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6. Copies of all tenant correspondence for the past 3 years
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7. Summary of pending leases and terms
D. CONTRACT/LEGAL
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1. Negotiate purchase & sale (price, deposit)
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2. Timing (deposit, due diligence, close of escrow)
E. TITLE/SURVEY
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1. APNs
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2. Escrow (title office, escrow number)
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3. Preliminary Title Report<br>(a) Liens<br>(b) Assessments<br>(c) Easements<br>(d) Access<br>(e) Environmental<br>(f) CC&Rs<br>(g) Zoning<br>(h) Other
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4. Copies of all underlying title and exception documents
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5. UCC and judgment lien searches in Seller
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6. ALTA as-built survey
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7. Copies of subdivision and parcel maps
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8. Restrictive covenants, easements and common area agreements
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9. Description, ownership and operation of adjacent land uses
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10. Flood zone certificate and seismic zone map
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11. Obtain PML study
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12. Title policy – estimate of cost of title policy
F. ENVIRONMENTAL
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1. Obtain and review Phase I Environmental Site Assessment
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2. Soil sampling
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3. Groundwater sampling
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4. Underground storage tanks
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5. Asbestos report
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6. Lead paint and radon testing
G. VEGETATION/BIOTA/WATER/OTHER
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1. Usefulness of vegetation
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2. Evaluate endangered species concerns
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3. Natural water on site (usefulness/flood hazard)
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4. Erosion potential
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5. Subsidence potential
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6. Fault zone potential
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7. Noise/vibration
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8. Toxics/chemicals
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9. High winds
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10. Incompatibly zoned neighbors
H. LITIGATION
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1. Review current and threatened actions against Seller with respect to the Property
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2. Review any governmental actions or suits concerning the Property
I. ZONING & ENTITLEMENT STATUS
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1. Obtain copy of zoning ordinance applicable to the Property
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2. Confirm zoning classification, obtain zoning compliance letter and examine development standards:<br>(a) Density;<br>(b) Site coverage, footprint<br>(c) Public use (open space, roadways, parks, schools);<br>(d) Height, setback requirements;<br>(e) Design criteria;<br>(f) Landscaping requirements;<br>(g) Signage restrictions<br>(h) Sprinkler/Fire life safety requirements;<br>(i) ADA requirements;<br>(j) Parking requirements & restrictions;<br>(k) Traffic mitigation;<br>(l) Exactions;<br>(m) Subdivision compliance;<br>(n) Affordable housing restrictions, if any;<br>(o) Historic/landmark district restrictions, if any
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3. Investigate any planned zoning changes
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4. Obtain and review copy of any conditional use permit:<br>(a) SIC Codes permitted<br>(b) Examine use permit restrictions<br>(c) Determine transferability of entitlements
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5. Obtain and review all other permits, authorizations, licenses and certificates, including:<br>(a) Elevator permits and most recent certification;<br>(b) Fire alarm and life safety system certifications;<br>(c) Business licenses and applications, if any
J. LOCAL ADVICE
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1. Advice of:<br>a. Sellers/owners<br>b. Local civil/soils engineers<br>c. Planning<br>d. Public Works<br>e. Architects<br>f. Neighbors<br>g. Community outreach groups
K. GOVERNMENTAL
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1. Political situation of the City<br>(a) City Council<br>(b) Redevelopment Agency<br>(c) Planning Commission
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2. Politics of the site
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3. Neighborhood politics
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4. City/State/Redevelopment Agency Entitlement Process (CEQA, SEQR, City entitlements, Agency entitlements, Approvals)
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5. City Fees
L. UTILITIES
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1. Water<br>2. Sewer<br>3. Electricity<br>4. Gas<br>5. Telephone
M. MISCELLANEOUS
SIGN OFF
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Name and Signature
