North Carolina Estoppel Certificate for a Lender

State:
Multi-State
Control #:
US-OL20061
Format:
Word; 
PDF
Instant download

Description

This office lease form is a statement for a lender certifying for anothers benefit that certain facts are correct, as that a lease exists and that there are no defaults, and that rent is paid to a certain date. This prevents the tenant from later claiming a different.

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FAQ

An estoppel Certificate (or Estoppel Letter) is a document often used in due diligence in real estate and mortgage activities. It is a document often completed, but at least signed, by a tenant used in their landlord's proposed transaction with a third party.

An estoppel certificate verifies the unpaid loan balance, interest rate, and the date to which interest has been paid before the assignment of a mortgage instrument.

?The purpose of an estoppel statement is twofold: (1) to give a prospective purchaser or lender information about the lease and the leased premises and (2) to give assurance to the purchaser or lender that the les- see at a later date will not make claims that are inconsistent with the statements contained in the ...

What is an estoppel certificate? An estoppel certificate establishes the current status of the lease terms for a third party. Generally, the certificate requests that the Tenant verify that the rent is current or whether the Tenant has any potential claims against the Landlord.

Estoppel certificates help prevent either party from bringing legal action against the other after closing. Estoppel in real estate transactions can resolve contractual disputes, such as when a property owner wants to avoid liability if a tenant defaults on the rental agreement.

An estoppel letter is most commonly used when a landlord wants to assure cash flow and prevent a tenant from breaking a promise.

An estoppel certificate is typically requested when the owner of a multifamily property is either selling or refinancing the property. It's an important piece of a buyer or lender's due diligence. A property owner may be required to request an estoppel certificate from their tenants when they're selling the property.

An estoppel certificate gives landlords, investors and lenders additional security that the tenant's promises will be kept. They also benefit tenants as the document confirms that the landlord will not change any agreed-upon terms to the lease.

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North Carolina Estoppel Certificate for a Lender