PRINTABLE CHECKLIST
Commercial Property Onboarding Checklist
Most operating problems in year one trace back to something that wasn't collected at closing. Use this in the two weeks before and after taking over, and keep the completed list with the property file.
Documents to collect
- Every signed lease, amendment, assignment, guaranty, and side letter, plus the most recent estoppel certificates.
- Current rent roll from the seller or prior manager, and the last 12 months of tenant ledgers.
- Security deposit schedule and confirmation the deposits transferred.
- Last two years of operating expense detail and the most recent CAM reconciliation statements sent to tenants.
- Property tax bills, insurance policies and certificates, and any pending assessments.
- Service contracts: landscaping, snow, janitorial, HVAC maintenance, fire and life safety, elevator, pest control, waste.
- Vendor list with contacts, W-9s, and certificates of insurance.
- Warranties (roof, HVAC, parking lot) and as-built or survey drawings if available.
Accounts and access
- Open or retitle the property operating account and, if required by lease or law, a separate security deposit account.
- Transfer utility accounts for common areas and vacant suites; confirm which utilities tenants pay directly.
- Collect keys, access codes, alarm codes, and any building management system logins.
- Update the property's insurance to the new owner or manager as named insured, and request updated tenant certificates naming you as additional insured.
Tenant transition
- Send each tenant a written notice of the ownership or management change with the new payment instructions and contact information, in the form the lease requires.
- Confirm each tenant's current monthly charges (base rent, recoveries, other) against the lease abstract, and resolve discrepancies before the first billing.
- Verify each tenant's next rent step, option deadline, and expiration; enter them into a tracker.
- Log any open maintenance requests, disputes, or pending defaults inherited from the prior owner.
First-month operations
- Walk the property with a checklist: roof, parking, lighting, signage, life safety, vacant suites, common areas.
- Set the monthly recovery estimate per tenant for the current year from the prior actuals.
- Establish the expense categorization scheme (matching the lease definitions) before the first bank statement is processed.
- Decide the collection process: due date, grace period, reminder timing, late-fee application, and who approves each step.
- Calendar the year: reconciliation deadline, insurance renewal, tax due dates, contract renewals, and lease critical dates.