In an article published by Rent.com, Joe Hernandez commented on estoppel certificates and what to do if you get one.
“An estoppel certificate is a signed statement usually by a tenant (either residential or commercial) certifying as true particular facts related to the lease,” Joe told Rent.com
An estoppel certificate is usually required of a tenant when the leased property is being sold. In some cases, it’s required when property finance occurs. “A purchaser of an apartment building with 50 units would want to have the assurance that all tenants are paying their rent, there’s no dispute between the tenant and landlord, no defaults, deposits have been made, etc.,” Joe said.
Joe told Rent.com that you can usually find in your lease if you are required to respond and sign an estoppel letter but advises that even if it is not required, it is still usually a good idea to cooperate.
“If there are defaults or other issues that must be disclosed in the estoppel certificate, a tenant may need to seek counsel to assist in responding to such a request. It may be advisable for a tenant to seek legal counsel for assistance with determining what facts are in existence and reviewing the language for the estoppel certificate,” Joe said
Click here to read the full article.