A North Carolina Estoppel Affidavit is a legal document used to provide proof of a certain fact or set of facts related to a real estate transaction or dispute. It is a sworn statement, signed by a party to a transaction or dispute, that outlines the parties’ rights and obligations under the transaction or dispute. The affidavit is used to bind the parties to their rights and obligations, and to prevent them from later denying any facts stated in the affidavit. There are two types of North Carolina Estoppel Affidavits: Short Form and Long Form. The Short Form is used for transactions involving only one party, while the Long Form is used for transactions involving multiple parties. Both forms require the signature of the party or parties making the statement, and a notary public.
North Carolina Estoppel Affidavit
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How to fill out North Carolina Estoppel Affidavit?
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FAQ
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.
Understanding Promissory Estoppel The doctrine prevents the promisor or enterprise from going back on their word or promise. For example, a vendor makes an oral promise to the customer to replace the goods if they do not fit the customer size requirements. The customer purchases the clothes and takes them home.
Types of estoppel include collateral estoppel, equitable estoppel, and promissory estoppel. Estoppel certificates are commonly used in real estate and must be signed by tenants when the landlord is trying to conduct a transaction with the property.
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 is an equitable doctrine, a bar that prevents one from asserting a claim or right that contradicts what one has said or done before, or what has been legally established as true. Estoppel may be used as a bar to the re-litigation of issues or as an affirmative defense.
For instance, if a landlord agrees not to terminate a tenant's lease as long as the tenant spends money on improving the property, an estoppel certificate could prevent the landlord from going back on their word and terminating the lease, even when the promise may not have been written into a contract.
