A CRE loan closing checklist tracks every document, certification, and condition required to fund the loan: executed loan documents, title policy, ALTA survey , evidence of insurance, third-party reports , sponsor and entity certifications, opinion of borrower's counsel, and any deal-specific conditions like estoppels or environmental indemnities.
Who maintains the checklist?
The lender's counsel circulates and maintains the master checklist. The borrower's counsel and the title company each maintain working sub-checklists. A skilled advisor often runs a parallel borrower-side tracker so the borrower never falls behind on items they control.
What items are most likely to slip?
Tenant estoppels (especially national-tenant retail), survey curative items, opinion-of-counsel sign-off, evidence of insurance with named-additional-insured language, and title curative for old liens or mechanics' liens. Each of these can push closing by a week if not started early.
What is a 'pre-funding' versus 'closing' item?
Pre-funding items must be satisfied before the lender wires loan proceeds. Closing items can be satisfied at or shortly after closing (e.g. recorded mortgage delivered after recording). Most checklists distinguish the two; borrowers should focus first on the pre-funding column.
Sources
- Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations · Mortgage Bankers Association · 2026-Q1
- Multifamily Market Commentary · Fannie Mae Economic & Strategic Research · 2026-Q1