Commercial Property Closing Checklist for Alberta

1. Convert the agreement into a closing ledger

Index the executed agreement, schedules and amendments. Extract every deliverable, covenant, representation, consent, notice, condition, survival term, closing time and post-closing obligation with an owner and evidence requirement.

Do not rely on an expired diligence checklist. Conditions may be waived while covenants, closing deliverables and representations remain outstanding.

• Agreement clause
• Responsible party
• Required evidence
• Due date and time
• Approval authority
• Status and exception

2. Confirm parties, authority and funds flow

Reconfirm legal names, jurisdiction, signing authority, beneficial ownership or control information required by the file, buyer entity, nominees or assignments and the accounts approved for funding.

Maintain independent wire-verification controls. Any emailed change to payment instructions should be treated as a fraud signal and confirmed through a trusted, separate channel.

3. Update title and registered-interest work

Alberta identifies the land title as the official ownership record and lists registered interests such as mortgages, liens and caveats. Obtain the current title for every parcel and the underlying documents counsel requires.

Track each interest as remaining, accepted, assigned, postponed, partially discharged or fully discharged. Review the pending-registration queue where counsel considers it relevant; a stale title is not proof of the closing state.

• Current title
• Transfer documents
• Mortgage registrations
• Discharges and postponements
• Caveats and liens
• Pending registrations

4. Complete lender and insurance conditions

Separate borrower approval from property conditions: appraisal, environmental reports, building condition, leases, insurance, title, equity, guarantees, security and legal documents can each have their own reviewer and expiry.

Confirm funding conditions, advance timing, required registrations, interest or standby costs and who can authorize release. A commitment or term sheet is not the same as cleared closing funds.

5. Reconcile property, tenancy and tax deliverables

Index surveys or plans, municipal records, permits, occupancy evidence, environmental and building reports, leases, amendments, estoppels, deposits, contracts, warranties, keys, access credentials and data-room corrections.

Determine which items are representations, information only, assigned obligations or conditions to funding. Counsel should decide legal sufficiency and remedies; the brokerage should preserve the source and correction record.

6. Approve adjustments and GST treatment

Reconcile purchase price, deposits, property taxes, rents, recoveries, tenant deposits, utilities, contracts, condominium amounts and other agreed adjustments. Identify estimates and later true-ups rather than presenting them as final.

Commercial real-property GST treatment is fact-specific. Record the qualified advice, registrations, certificates, collection or self-assessment path and amount required for funding without relying on a marketing statement.

7. Define possession and operational handover

State whether possession is vacant, occupied by accepted tenants, subject to a management transition or delivered in stages. Identify the contractual time, release authority, keys, alarms, building systems, tenant notices, utilities, vendors and emergency contacts.

Do not promise access merely because funds were expected by a certain hour. Counsel and the agreement control release; brokerage and operations teams should act only on confirmed authorization.

• Possession condition
• Release authority
• Keys and access
• Tenant communication
• Utilities and vendors
• Records and warranties

8. Schedule post-closing proof and corrections

Track registered title, discharge evidence, final statements, tax filings, holdbacks, lease notices, contract transfers, final meter bills, operating-cost true-ups and remaining repairs or document delivery.

Land Titles states that registered discharges remove interests from the current title and historical titles preserve past registrations. Obtain the evidence counsel requires rather than treating payment alone as proof that an interest has left title.

9. Keep brokerage coordination within scope

Commercially can organize the commercial calendar, listing information, property access, tenant and vendor handover, advisor communication and decision record. It does not transfer title, release trust funds, prepare legal documents, certify compliance or provide legal or tax advice.

Use the Law Society of Alberta's current directory to verify or locate legal counsel. Each party should obtain advice appropriate to its relationship, property and transaction.