Against this file · not a generic list

Close only when every line is true.

If any line is open, closing does not happen. This is the playbook checklist checked against the live stack.

Live file · rev 1

$500,000 · first $350,000 · second $150,000 · check $14,650

AFR floor met
AFR not locked
Below usury cap
CLTV 100% over cap
Senior DSCR
Investment occupancy
Zero down · check still due

Edit on the desk Triangle SourceEmail

01
AFR lock
Open
Not locked into the file — a 45-day close can drift under the floor
02
Senior overlay
Open
CLTV 100.0% sits over this senior’s 80% cap. A 70/30 stack is 100% CLTV — most DSCR firsts will not close it as disclosed subordinate financing.
03
Parties named
Open
Term sheet still needs names before it leaves the building
04
Folio / legal
Open
Add folio or legal on the term sheet
05
Two engagement letters
Open
Buyer’s Florida real estate attorney drafts. Seller’s independent counsel reviews.
06
Servicer ready day one
Open
TBD — third-party required. Kitchen-table collections are out.
07
Simultaneous close
On this file
Note #1 and Note #2 fund at the same Florida title table on the same day.
08
ICA before the deed records
Open
Intercreditor is a closing condition, not a follow-up
09
Seller marked reviewed
Open
Independent counsel has the one-pager
10
Commitment typed and locked
Open
We do not parse PDFs. Type the lock on the lender pane.
11
Insurance escrow
Open
Enter annual insurance so PITIA is real
12
Free and clear (or paid off at close)
On this file
Seller represents no existing mortgage
13
Realty only (no operating business)
On this file
Investment / land occupancy on this file.
14
Occupancy
On this file
Investment occupancy
15
Balloon disclosure
On this file
Final payment exceeds 2x regular — Florida balloon language in the note, not a hallway.
16
FIRPTA
On this file
Seller marked as a U.S. person on this file
17
Named escrow holder (title or attorney trust)
Open
Purchase money sits with a licensed title company or Florida attorney trust — not SSDF Inc., not Stripe.
18
Close mode confirmed with title
On this file
True carry at the table — title and the senior must accept paper in lieu of cash.
19
First coupon, balloon, 1099-INT calendared
Open
Servicer calendar. Balloon 90/60/30. Seller gets 1099-INT, not 1098.

Intercreditor — must be in the paper

Not a hallway yes.

01Junior: Note #2 is expressly subordinated. No wrap, no AIC, no subject-to.
02Recording order: deed → mtg 1 → PMM 2 → ICA / kicker memo. Not negotiable on this desk.
03No CLTV sneak: cash down is the only CLTV lever. Resizing the first just resizes the second.
04Senior-default notice: days bargained, not a fake statute.
05Seller right to cure and add the advance to Note #2: days bargained.
06Standstill as the lender form requires — not a 90-day seller veto of the first.
07Insurance and tax with the first; loss-payee order lender then seller.
08Kicker dies on senior foreclosure. Recovery is Note #2 principal + accrued interest.
09Notice addresses = servicer + both counsel. Not a Gmail. Not a kitchen table.
10ICA before the warranty deed records.

Florida Bar Lawyer Referral: floridabar.org/public/lrs

Where the money sits

Outside this app.

Funds are held and disbursed by TBD — licensed title or Florida attorney trust, not by SSDF Inc. or StackDesk. Cash-to-close is the check the buyer brings to that table. Stripe is not a Florida escrow agent.

Florida closing money is held by a licensed title company / title agent (Fla. Stat. § 626.8473), a Florida attorney trust account, or — earnest money only — a licensed broker. Stripe is a card processor. Use it later if SSDF Inc. charges for software. Do not use it for price, stamps, seller payoff, or the gap funder.