Tenant estoppel certificates are legal documents that provide information about a tenant's lease and tenancy to a potential buyer, lender, or other interested party.
What are tenant estoppel certificates?
Tenant estoppel certificates, also known as tenant estoppels, are legal documents that provide information about a tenant's lease and tenancy to a potential buyer, lender, or other interested party. The certificate is typically signed by the tenant and provided to the landlord or property owner, who then uses it to verify the tenant's lease terms, rent payments, and other important information.
The purpose of a tenant estoppel certificate is to protect the interests of both the landlord and the tenant during the sale or financing of a property. By providing a written statement of the tenant's lease and other relevant details, the certificate ensures that all parties have accurate information about the tenancy and can make informed decisions about the property.
A typical tenant estoppel certificate includes information such as:
- The names of the tenant and landlord
- The address of the leased property
- The start and end dates of the lease
- The current rent amount and payment schedule
- Any outstanding rent or other charges owed by the tenant
- Any security deposits held by the landlord
- Any agreed-upon repairs or improvements to the property
The information provided in a tenant estoppel certificate is binding, and the tenant can be held liable for any misrepresentations or inaccuracies. As such, tenants should carefully review the certificate before signing it to ensure that all information is correct and complete.
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