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This checklist outlines a practical workflow from selecting a licensed real estate broker and documenting a Letter of Intent, through drafting the Purchase and Sale Agreement, scheduling key deadlines, managing earnest money and escrow, and completing title commitment review. It further covers due diligence items such as survey and environmental inspections, zoning approvals, inspection extensions, loan commitments, closing documents, and final closing coordination.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/commercial-real-estate-checklist-step-by-step/281142/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/commercial-real-estate-checklist-step-by-step/281142.png","ImageObject",442,249,{"name":88,"@type":89},"Mabel","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-30","2026-09-16",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",10,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"What should be agreed on at the start when selling commercial property?","Question",{"text":109,"@type":110},"Agree on the listing agreement, including duration and commissions, and keep a signed copy to avoid closing disputes. For buyers, a signed representation agreement helps clarify duration and commissions too.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"What key items are typically included in due diligence for commercial real estate?",{"text":114,"@type":110},"Due diligence commonly includes title review and inspections, a survey to identify encroachments or easements, and environmental inspection such as Phase I and Phase II if necessary. Both parties should address issues early within the contract timeframes.",{"name":116,"@type":107,"acceptedAnswer":117},"How are zoning approvals and inspection extensions handled in the process?",{"text":118,"@type":110},"Zoning approvals required by the municipality must be reviewed and obtained, which may include variance or special land use approvals depending on the deal. 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That’s not to mention zoning and environmental factors, which typically figure more prominently in commercial real estate deals than others, along with other potentially complex considerations like 1031 exchanges, easements, and the involvement of third parties like lessees.  \nIf you’re planning to buy or sell a piece of commercial property, knowing what to expect can help you plan appropriately and manage the process—not to mention your stress. While no two deals are exactly alike, this checklist will help you navigate a sale or investment with confidence that you are covering the necessary details.  \nZana Tomich Attorney at Law  \n[ztomich@daltontomich.com](ztomich@daltontomich.com)[ ](ztomich@daltontomich.com)[313.859.6000](313.859.6000)  \nSTEP 1: CONTRACT A LICENSED REAL ESTATE BROKER  \nWhen selling a property, agree upon the listing agreement (duration, commissions, other party commissions, post-agreement deals) to avoid disputes on the eve of closing. Not addressing these issues at the outset can delay or derail a closing. Be sure to keep a signed copy of the agreement foryour records. When buying a property it is also helpful to have a signed representation agreement that spells out terms like duration and commissions.  \nSTEP 2: LETTER OF INTENT  \nOnce a buyer has identified a property, negotiations have taken place, and a seller has agreed to initial terms, the real estate agents or brokers will want to agree upon the general key terms of the deal by memorializing them in a written Letter of Intent. The Letter of Intent should be reviewed by an attorney to confirm important terms are addressed appropriately, and that basic rights are preserved.  \nSTEP 3: PURCHASE AND SALE AGREEMENT  \nThe details of the Letter of Intent will then be further expounded upon in a Purchase and Sale Agreement. The Purchase and Sale Agreement will include all the details of the terms including purchase price, manner of payment, deposits, due diligence periods, title inspections, environmental inspections, contingencies, type of deed delivered, tax prorations, and how extensions of inspection periods are handled, breach of this agreement and how deposits are handled; as well as remedies, should also be addressed in the Purchase and Sale Agreement.  \nSTEP 4: CALENDAR ALL TIME FRAMES  \nOnce agreed upon, all of the time frames should be carefully tracked and calendared. It is helpful for one person on each side of the deal (often the attorney) to keep track of these deadlines.  \nFOR EXAMPLE:  \n􀀀 Delivery of earnest money deposit  \n􀀀 Title commitment delivery  \n􀀀 Title review and objection date  \n􀀀 Inspection periods  \n􀀀 Inspection extension periods  \n􀀀 Financing deadlines  \n􀀀 Closing date  \nSTEP 5: DEPOSIT EARNEST MONEY  \nOnce the purchaser deposits earnest money with escrow agent, the timeline starts. Most escrow agents require an escrow agreement prior to accepting funds. The escrow agreement protects the escrow agent and requires both buyer and seller to agree upon the terms of when the escrow deposit is released.  \nSTEP 6: TITLE COMMITMENT  \nThe seller obtains the title commitment for title insurance in amount of purchase price and shares with purchaser. This usually starts the timeline for buyer to review the title, and make objections to title to the seller, which then triggers seller’s rights to cure the title defects.  \nSTEP 7: DUE DILIGENCE  \nDepending on the transaction the due diligence can and should include:  \n􀀀 Title Review and Inspection. Early on in the transaction, a title commitment will be ordered. Do not ignore this until closing. Both parties should review every exception and address them early on. The purchaser shoul","cbCainb0B2J9Alxw","https://ap.wps.com/l/cbCainb0B2J9Alxw","pdf",318825,7,"English","# Step 1: Contract a Licensed Real Estate Broker\n# Step 2: Letter of Intent\n# Step 3: Purchase and Sale Agreement\n# Step 4: Calendar All Time Frames\n# Step 5: Deposit Earnest Money\n# Step 6: Title Commitment\n# Step 7: Due Diligence\n# Step 8: Review of Survey\n# Step 9: Zoning Approvals\n# Step 10: Obtain or Exercise Extensions of Due Diligence Inspection\n# Step 11: Obtain Loan Commitment/Financial Approval for Purchaser\n# Step 12: Purchase Closing Documents\n# Step 13: Close on the Transaction","[{\"question\":\"What should be agreed on at the start when selling commercial property?\",\"answer\":\"Agree on the listing agreement, including duration and commissions, and keep a signed copy to avoid closing disputes. For buyers, a signed representation agreement helps clarify duration and commissions too.\"},{\"question\":\"What key items are typically included in due diligence for commercial real estate?\",\"answer\":\"Due diligence commonly includes title review and inspections, a survey to identify encroachments or easements, and environmental inspection such as Phase I and Phase II if necessary. Both parties should address issues early within the contract timeframes.\"},{\"question\":\"How are zoning approvals and inspection extensions handled in the process?\",\"answer\":\"Zoning approvals required by the municipality must be reviewed and obtained, which may include variance or special land use approvals depending on the deal. Inspection extensions may require additional escrow deposits or even escrow fund releases, so timelines and accounting should be tracked carefully.\"}]","Commercial Real Estate Checklist - Step-by-Step | PDF",1789564460]