DIRECT-PROPERTY-TO-UPREIT READINESS CHECKLIST
Original educational organizer. Not tax, legal or investment advice.

PROPERTY FIT
Property type and location: ______
Current rent roll and lease expirations: ______
Trailing operating statements and budget: ______
Condition report and capital needs: ______
Environmental, zoning and insurance issues: ______

OWNER AND AUTHORITY
Record owner and tax owner: ______
Entity documents and signing authority: ______
Partner, member, spouse or trustee consents: ______
Title exceptions and transfer restrictions: ______

DEBT AND LIABILITIES
Current lender and balance: ______
Prepayment or defeasance terms: ______
Assumption, payoff or replacement plan: ______
Required lender consent: ______
CPA liability-allocation analysis: ______

VALUE AND OP UNITS
Valuation date and method: ______
Negotiated property value: ______
Debt and closing adjustments: ______
Net value assigned to units: ______
Unit class, issue price and count: ______

CONTRACT AND CLOSING
Contribution agreement and schedules: ______
Representations, indemnities and survival periods: ______
Tax-protection terms, if any: ______
Closing conditions and termination rights: ______
Deed, settlement statement and unit confirmation: ______

UNRESOLVED DECISION
What evidence is missing: ______
Who must answer: ______
Decision date: ______

Section 721 treatment does not guarantee property acceptance, closing, liquidity, value or a particular tax result.