# Multifamily Deal Room Checklist

What to collect from the seller. Free from IntellCRE (intellcre.com/models). Tick items as they arrive; ticking is not verification, so read the documents.

Have counsel review this list and every legal document before you rely on them. This checklist is a starting point, not legal advice.

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Multifamily is underwritten per unit and per month. Buyers read the rent roll first, then loss-to-lease and the renovation story, so the document is organized around unit mix, in-place versus market rent, and a costed value-add plan.

## Title and legal

- [ ] Title commitment and exception documents: Shows liens, easements and encumbrances
- [ ] ALTA/NSPS land title survey: Confirms boundaries, access and encroachments
- [ ] Entity documents and authority to sell: Confirms who can sign
- [ ] Pending or threatened litigation summary: Surfaces legal exposure

## Financial

- [ ] Operating statements, last 3 years and year to date: Basis for income and expense underwriting
- [ ] Current-year budget: Shows the seller's expectations
- [ ] Capital expenditure history, last 5 years: Shows what has been replaced
- [ ] Bank statements supporting reported income, for the last 12 months: Verifies collections

## Tax

- [ ] Property tax bills, last 3 years, and any pending reassessment or appeal: Tax is a major expense and can reset on sale

## Insurance

- [ ] Insurance policies and 5-year loss runs: Shows claims history and coverage

## Contracts

- [ ] Service, vendor and management contracts with termination terms: Identifies what a buyer assumes or must end
- [ ] Warranties and equipment leases: Transferability and cost

## Physical

- [ ] Property condition report, roof, structural and mechanical reports: Sizes deferred maintenance
- [ ] Certificates of occupancy and building permits: Confirms legal use and open permits
- [ ] Unit turn and renovation records: Supports the value-add budget
- [ ] Property condition report and roof, HVAC and plumbing history: Sizes deferred maintenance

## Environmental

- [ ] Phase I environmental site assessment: Standard lender and buyer requirement

## Compliance

- [ ] Zoning verification and open code violations: Confirms the legal use
- [ ] ADA compliance reports: Identifies required upgrades
- [ ] Fair housing complaints, notices of violation and code citations: Surfaces legal exposure
- [ ] Rent control or affordability restrictions and regulatory agreements: Limits rent growth and exit

## Property data

- [ ] Photos, site plan, floor plans and plan drawings: Needed for marketing and underwriting

## Operations

- [ ] Rent roll with lease start and end dates: Verifies in-place income and loss-to-lease
- [ ] Trailing 12-month operating statement and 24 months of monthly detail: Shows trend and seasonality
- [ ] Resident ledger and delinquency report: Tests collections and credit loss
- [ ] Utility bills and RUBS billing history: Confirms recovery and expense basis