Definition
What is a due diligence request list?
A quick, direct answer — for the full breakdown of categories, sample items, and tracking, see the complete guide.
01What is it, exactly?
A due diligence request list (sometimes called a DD checklist or document request list) is the master list of everything a buyer, investor, or advisory team needs to see before completing a transaction — financial statements, contracts, cap tables, litigation records, IP filings, HR records, and dozens of other items depending on the deal. It's typically organized into categories and shared with the seller or target company, whose team then uploads the requested materials to a data room.
The list itself is a tracking tool: each line item gets a status (requested, received, reviewed, flagged) so the deal team knows what's outstanding and what still needs review.
02What's typically on one?
Categories vary by deal type, but a request list commonly covers:
- Financial — audited financials, management accounts, budgets, debt schedules
- Legal — corporate formation documents, material contracts, litigation history
- Commercial — customer contracts, concentration data, pricing agreements
- Operational — supplier agreements, facilities, IT systems documentation
- HR — employment agreements, org charts, benefits plans
- IP & regulatory — patents, trademarks, licenses, compliance records
See the complete guide for a full sample list with specific line items in each category.
03Who creates and sends it?
Typically the buy-side team, their legal counsel, or an advisory firm running financial due diligence drafts the request list based on the deal's specifics, then sends it to the target company or its representatives. The target's team is responsible for gathering the requested materials and uploading them to the data room the deal is using.
04How is it tracked during a deal?
Most teams still track request lists in a spreadsheet, manually checking off items as documents arrive and noting what's still missing. That works, but it's manual: someone has to open each new document and match it to a line item by hand. Tools that map a request list against a data room automatically can do that matching for you — see due diligence request lists for how Vaultrix approaches this, proposing an outcome (evidence found, partially supported, no evidence found, or conflicting) for each item instead of leaving it to manual cross-checking.
05Frequently asked questions
Is a request list the same as a data room?
No. A data room is where documents are stored and permissioned; a request list is the checklist of what should be in that data room. The request list drives what gets uploaded.
How long is a typical request list?
It varies widely by deal size and type — anywhere from a few dozen items for a small transaction to several hundred for a complex M&A or financial due diligence engagement.
Can a request list change during the deal?
Yes. New items are commonly added as early findings raise follow-up questions — a request list is a living document during active diligence, not a fixed one.