Planning The Closing - Beyond the buyer and seller, what other parties need to provide approvals on or before the closing?

As the buyer and seller plan the closing, they may need to obtain approval from various parties, including directors and shareholders; governmental agencies; third parties needed for consents, estoppel letters, solvency letters, or legal opinions; actuaries who must give up-to-date valuations of pension assets; and persons who need to be on call to file or record mortgages, UCC financing statements, or merger certificates upon a moment’s notice.

The persons responsible for ensuring that the closing takes place on the appointed day must make an accurate assessment of how long it is likely to take to obtain a required document or to accomplish a necessary task, and, working backward from the expected closing date, attempt to develop a realistic schedule for reaching closing.