The CRE due diligence checklist to build before launch

A buyer requests the tax bills, the latest rent roll and the environmental report. The broker forwards what is handy, promises the rest, then spends the next week chasing files while the buyer waits. That delay is often avoidable. Build the diligence package before publishing the deal room, and keep a visible list of what is present, missing or out of date.

This is a working CRE due diligence checklist, not a universal legal requirement. The right files depend on the property, jurisdiction, transaction and buyer. Confirm the scope with the seller and appropriate advisers. The goal is to start with an organized record set, not to imply every item exists or applies.

Start with an inventory, not a folder dump

Create a document list before uploading files. For each item, note whether it is received, missing, not applicable or awaiting confirmation. Add the document date and the person responsible for obtaining it. Keep originals intact; label copies clearly if they have been redacted or updated.

Use a consistent naming pattern, such as property, record type and date. Separate current records from historical ones. Do not present a draft, expired report or incomplete schedule as final. If a document is unavailable, record that fact rather than leaving a silent gap.

Tax records to request

Ask the seller for the property tax bills and payment records available for the relevant ownership period. Include current assessments and notices of reassessment or appeal, if any. Where the property has multiple parcels, make sure the records identify which parcel each bill covers.

• Recent property tax bills and evidence of payment, where available.
• Assessment notices, reassessment correspondence and appeal filings or outcomes.
• Parcel identification details and any tax allocation schedules used for the property.
• Records of exemptions, abatements or other tax adjustments, if applicable.

Check that the periods are clear and that the parcel references match the property being marketed. A single tax bill may not cover every parcel or ownership period. Flag that gap for follow-up instead of assuming the file is complete.

Lease records to assemble

For each occupied space, gather the executed lease and every amendment, extension, renewal, assignment or other written change. A base lease alone can conceal the terms that matter to a buyer. Include the current rent roll and reconcile it against the lease files before sharing either.

• Executed leases and all amendments, options, extensions and assignments.
• Current rent roll, with unit or suite, tenant, area, lease dates and current rent.
• Tenant notices, defaults, disputes or concessions that affect current lease status, as applicable.
• Security deposit and prepaid rent records, plus relevant guaranties or side letters.
• Operating expense, tax or insurance reconciliations and records of tenant payments, where applicable.
• Available estoppels, subleases and tenant correspondence relevant to occupancy or lease terms.

Mark options, expirations and unusual concessions so they are easy to locate. Compare the rent roll with the signed documents; note discrepancies and ask the seller to resolve them. Do not silently choose one version.

Environmental records to gather

Collect environmental reports and supporting records that relate to the property. Record the report date, preparer and stated scope. A report’s age or limited scope may matter, so do not describe it as a current, comprehensive assessment unless that is what the document says.

• Environmental site assessments and updates, including appendices and reliance letters if available.
• Records of recognized environmental conditions, recommended work or follow-up testing.
• Sampling results, remediation plans, closure letters and agency correspondence, if applicable.
• Records concerning underground storage tanks, hazardous materials or prior uses, where relevant.

Identify missing appendices and referenced reports. If a report recommends further work, list the recommendation and whether the seller has documentation of completion. Buyers can then see the record and its limits without mistaking an open item for a resolved one.

Prepare the deal room before publishing

Once the inventory is reviewed, group files by topic and make the document names understandable to someone who has not worked on the sale. Keep a dated master checklist outside the buyer-facing file set so the team can track requests and updates. Recheck the room when a new record arrives; replace superseded versions only with a clear record of what changed.

For a confidential sale, decide which information belongs in a public-facing teaser and which belongs in the diligence files. Core Listing provides custom website and listing software for commercial real estate, including confidential listings on a brokerage’s own domain, electronic signing for confidentiality agreements and deal rooms gated behind NDAs. Its deal-room controls can help keep diligence files behind an NDA; they do not replace the broker’s review of what each file contains. For context on choosing the agreement, see our guide to CA and NDA restrictions in CRE deals.

Before launch, run one final check: do the tax periods cover the available ownership history, do the lease files support the rent roll, and are environmental reports complete with their referenced materials? List every unresolved item with an owner and next step. That turns a sprawling diligence vault into a package buyers can navigate—and gives the team a clear answer when the next request arrives.