What is a Tenant Estoppel?
By: Alison Meyer, Esq.
A Tenant Estoppel is a document drafted by an attorney for the purpose of a tenant to certify the terms in their lease. When a landlord is selling a property or obtaining a loan on a property, either the buyer or the lender will require the completion of a document called a Tenant Estoppel. The Tenant Estoppel is filled with questions regarding terms of the lease, including things like the rental price, the lease term, whether the tenant is current in paying rent, the security deposit, etc.
Most leases have a provision within them that will require the tenant to complete an estoppel upon request. Tenant Estoppels help the buyer purchasing a property during the due diligence period of a real estate transaction. Tenant Estoppels are also useful to lenders giving loans on property to assess different lending risks.
If you are a lender or landlord in need an attorney to prepare a Tenant Estoppel on your behalf or if you are a Tenant who was recently asked to complete a Tenant Estoppel, please contact an attorney at the ROSS FELTY, A REAL ESTATE LAW FIRM for assistance.