Closing Process Fundamentals and Deliverables

Summary

This practice note discusses the ancillary documents that are prepared and delivered in connection with a loan financing closing, including the perfection certificate, closing checklist, closing certificates, resolutions, schedules, legal opinions, and closing memorandum. The key to a smooth closing is methodical and meticulous pre-closing preparation and planning—which puts these documents at the center of the closing process. This note describes which parties prepare these documents and when they should be delivered, along with practice tips for drafting and common sticking points in negotiation.