A structured due diligence checklist for commercial real estate acquisitions, focusing on lease review, rent roll verification, and risk identification. This checklist covers everything an acquirer needs to verify during the lease review phase of a property acquisition or portfolio purchase. It pairs with rent roll analysis to surface economic exposure before closing.
By Angel Campa, Founder · Updated March 2026
Used by acquisition teams, real estate attorneys, and investors during the due diligence period following a letter of intent on a commercial property or portfolio acquisition.
Lextract automatically extracts these fields from your lease PDF — eliminating the manual data collection underlying this checklist.
All leases should be reviewed. For large portfolios, a tiered approach is common: full abstraction for anchor and major tenants (typically leases representing 80% of revenue), and a summary review for smaller tenants. Lextract makes it cost-effective to abstract all leases regardless of portfolio size.
The most common oversight is failing to identify all outstanding landlord obligations — particularly unfunded TI allowances, deferred maintenance commitments written into lease side letters, and unexercised expansion options that the seller neglected to disclose. These represent real capital calls post-closing.
Co-tenancy clauses allow tenants to pay reduced rent or terminate their lease if an anchor tenant vacates. An acquisition with a single anchor tenant with multiple co-tenancy-linked leases carries concentrated risk. Buyers typically apply a discount to the purchase price reflecting the probability-weighted impact of co-tenancy triggers.
A comprehensive checklist of 125+ data fields every commercial lease abstraction should capture. Organized by category for easy reference.
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Instead of working through this checklist manually, upload your lease PDF and get all 125+ fields extracted in under 3 minutes. Just $20 per lease — no subscription required.
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