Planning The Closing - What is the best way to prepare for a closing?

Well in advance of the closing, the parties should prepare one or more closing checklists that set forth the steps and documentation required for closing.

This checklist should:

• Set forth each and every task that must be completed in order for the parties to be legally and logistically ready to consummate the transaction—including approvals from third parties.
• Give the deadline for each task.
• Identify the person/s responsible for the task
• Provide a space for status notes

The closing checklist is both a road map and a progress report of the transaction. It can also be a source of embarrassment and a goad to those responsible for producing or reviewing documents whose failure to meet deadlines is documented in the status notes.

Finally, it is the basis for the preparation of a closing memorandum for the transaction.