Neighborhood Transformation
Neighborhood Transformation

Rental Property Takeover
Documentation Checklist

1. Unit Information
  • Current Rent Roll with complete tenant information including unit, deposits, and balances.
  • Address for each unit
  • Unit Status Report
2. Accounting Information
  • Detailed Accounts Receivable Report to include notes on collection status
  • Detailed Accounts Payable Report
  • Year-to-date General Ledger
  • Prior year General Ledger
  • Prior year Trial Balances
  • Current Year Chart of Accounts
  • Bank information including account, contact info
  • Previous audited financial statements with copy of auditors final trial balance and adjustments
  • Prior year tax return
  • Prior year tax trial balance
  • Copy of current bank reconciliations
  • Detail of refundable deposits
  • Copy of prepaid insurance reconciliation with copies of invoices
  • Detail of accrued expenses including accrued and deferred interest
  • Detail of insurance/tax and other escrows
  • Detail of Replacement Reserve including copy of last reimbursement request
3. Financial Reports
  • Current annual budget (last year and as many prior as possible)
  • Current Balance Sheet
  • List of Personal Property
  • I/E Statements for 12 months
  • Previous two years 12 month I/E Statements
4. Vendor Information
  • Copies of all contracts
  • Copies of vendor tax information
  • Copies of all permits, licenses
  • Copies of vendors' insurance certificates
5. Utilities (name, account number, deposits, tax id)
  • Electric
  • Telephone
  • Water/Sewer
  • Garbage
  • Exact nature of owner's responsibility
6. Insurance
  • Applicable insurance policies and certificates naming as additional insured
  • Outstanding claims whether by tenant, vendor, personal or property
7. Debt Service
  • Name and address of Lender(s)
  • Copy of Promissory Note(s)
  • Current Mortgage Statement
  • Trustee Statements, current and prior
  • Loan Agreement
  • Trust Indenture (if applicable)
  • Partnership agreements
8. Payroll
  • List of all employees (include start date, position, full or part time status)
9. Compliance Documents (if applicable)
  • Extended Use Agreement
  • Land Use Restriction Agreement (LURA)
  • Previous compliance reports and audits (county, city, state for two years)