Chicago Illinois Estoppel Certificate
Description
How to fill out Illinois Estoppel Certificate?
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FAQ
?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
A tenant estoppel certificate is a binding document that clarifies the current status and terms of the lease agreement between a landlord and a tenant for a prospective purchaser of property.
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.
An estoppel certificate serves to detail the tenant's rights and privileges that were agreed to in the tenancy document to a potential buyer or lender of a real estate property. It confirms that a lease exists, that there are no defaults, and that the agreed rent will be paid up to the expiration date.
An estoppel certificate is a legally binding document whereby a tenant represents or promises certain things regarding its lease or rental agreement to be true.
?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 Estoppel? The term estoppel refers to a legal principle that prevents someone from arguing something or asserting a right that contradicts what they previously said or agreed to by law. Put simply, estoppel prevents one person from contradicting an action or statement from the past.
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.
