{"id":134158,"date":"2020-12-17T17:00:12","date_gmt":"2020-12-17T11:30:12","guid":{"rendered":"https:\/\/cbselibrary.com\/?p=134158"},"modified":"2020-12-22T13:06:11","modified_gmt":"2020-12-22T07:36:11","slug":"estoppel-certificate","status":"publish","type":"post","link":"https:\/\/cbselibrary.com\/estoppel-certificate\/","title":{"rendered":"Estoppel Certificate | Contents and Properties of Estoppel Certificate"},"content":{"rendered":"<p><strong>Estoppel Certificate:<\/strong> What is an Estoppel Certificate? An estoppel certificate is a legal document usually signed by a tenant, stating the present status of their lease. The tenant will have to confirm certain terms of their lease such as the amount of rent that they agreed to pay, details of their advance or security deposit etc. This is usually done to assist a third party &#8211; such as a lender or a buyer in their due diligence.<\/p>\n<p>Students can find more about\u00a0<a href=\"https:\/\/cbselibrary.com\/certificate\/\" target=\"_blank\" rel=\"noopener\">Certificates<\/a>, explore the types used for academic purposes, professional purposes and more.<\/p>\n<p>What is the Purpose of an Estoppel Certificate? As stated above, this certificate is requested from the tenants if the owner of the property is selling their property. This is done as a part of the buyer\u2019s due diligence and to get a clearer picture of the leases that they are currently acquiring. Even if an investor wants to refinance the property, they are required to collect this certificate from the tenants.<\/p>\n<p>This ensures that the tenants are actually paying what the owner says they are paying. It also ensures that the terms and conditions of the lease are identical to the ones stated by the property owner. Lastly, the certificate clarifies if there are any pending disputes with any of the tenants which can potentially hinder cash flows.<\/p>\n<h3>Contents of an Estoppel Certificate<\/h3>\n<p>An estoppel certificate will contain the following information. However, do note that the exact contents of this document may vary according to the type of property occupied by the tenants.<\/p>\n<ul>\n<li>Name of the tenant<\/li>\n<li>Contact information of the tenant<\/li>\n<li>The exact premises occupied by the tenant<\/li>\n<li>State date of the lease<\/li>\n<li>End date of the lease<\/li>\n<li>The monthly amount paid as rent<\/li>\n<li>The amount held as a security deposit<\/li>\n<li>Past-due rent owed (if any)<\/li>\n<li>Changes or amendments to the lease (if any)<\/li>\n<li>Concessions agreed by the landlord (if any)<\/li>\n<li>Rent paid in advance<\/li>\n<\/ul>\n<h3>Properties that Require an Estoppel Certificate<\/h3>\n<p>Following are the types of properties that requires an estoppel certificate:<\/p>\n<p><strong>Residential Properties<\/strong><\/p>\n<p>Estoppel certificates might not be a necessity with this kind of property, but it would still be beneficial for a potential buyer. This is due to that fact that there might be unwritten agreements between the owner and the tenant. If these types of issues were left unaddressed, it would become a problem for a new buyer.<\/p>\n<p><strong>Commercial Property<\/strong><\/p>\n<p>Commercial properties have the highest stakes. This is because the rent payments are comparatively higher than the other kinds of properties. There are also a lot of variables that might hamper the prospects of an unexpected buyer. Understanding the terms and conditions of the tenant\u2019s lease and preventing such issues.<\/p>\n<p><strong>Multi-family Properties<\/strong><\/p>\n<p>Similar to commercial properties, multifamily properties have higher risks as the property can house several tenants. This means there are a lot of leases, and some of those could potentially hold expensive liabilities. Hence, buyers and lenders need to analyse the circumstances carefully to avoid any potential setbacks<\/p>\n<p><strong>Obligations of the Tenant<\/strong><\/p>\n<p>If you are a tenant and are asked to provide an estoppel certificate, you must carefully read and understand the terms and conditions of your lease to chalk out your obligations. Alternatively, your lease might also have a clause that legally requires you to fill out this certificate &#8211; in which case, you will have to do so.<\/p>\n<p>Even if you are not legally required to do so, it might be beneficial for you to complete the form. For example, in case your rent has been lowered, you will want to ensure that the new owner will be notified of this, in order to avoid any disagreements or disputes later.<\/p>\n<h3>FAQ&#8217;s on Estoppel Certificate<\/h3>\n<p><strong>Question 1.<\/strong><br \/>\nWhat is an Estoppel Certificate?<\/p>\n<p><strong>Answer:<\/strong><br \/>\nAn estoppel certificate is a document which states the current status of a tenant\u2019s lease. It is required to be signed by the tenant.<\/p>\n<p><strong>Question 2.<\/strong><br \/>\nWhy do you need an estoppel certificate?<\/p>\n<p><strong>Answer:<\/strong><br \/>\nAn estoppel certificate is needed if the property owner is selling their property to a prospective buyer. This is done as a part of the buyer\u2019s due diligence.<\/p>\n<p><strong>Question 3.<\/strong><br \/>\nWhat are the details provided in this certificate?<\/p>\n<p><strong>Answer:<\/strong><br \/>\nMost estoppel certificates will require information about the tenant and any monetary transactions regarding the property. These generally include the name of the tenant, their contact information, the premises occupied, the state date as well as the end date of the lease. The document also includes other details such as the monthly amount paid as rent and the amount held as a security deposit. Moreover, other details are also included &#8211; such as any past-due rent owed or concessions agreed by the landlord.<\/p>\n<p>Visit <a href=\"https:\/\/cbselibrary.com\/\" target=\"_blank\" rel=\"noopener\">APlusTopper<\/a> to explore the best learning resource, study material,\u00a0 current affairs, business articles and more.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Estoppel Certificate: What is an Estoppel Certificate? An estoppel certificate is a legal document usually signed by a tenant, stating the present status of their lease. The tenant will have to confirm certain terms of their lease such as the amount of rent that they agreed to pay, details of their advance or security deposit &#8230; <a title=\"Estoppel Certificate | Contents and Properties of Estoppel Certificate\" class=\"read-more\" href=\"https:\/\/cbselibrary.com\/estoppel-certificate\/\" aria-label=\"More on Estoppel Certificate | Contents and Properties of Estoppel Certificate\">Read more<\/a><\/p>\n","protected":false},"author":5,"featured_media":134178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[92677],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.8 (Yoast SEO v18.4.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Estoppel Certificate | Contents and Properties of Estoppel Certificate - CBSE Library<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cbselibrary.com\/estoppel-certificate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Estoppel Certificate | Contents and Properties of Estoppel Certificate\" \/>\n<meta property=\"og:description\" content=\"Estoppel Certificate: What is an Estoppel Certificate? 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