Estoppel in real estate is a way tolegally bind the current owner of a property from claiming that your land does not belong to you. It functions as an equitable remedy, typically preventing the use of fraud or illegality to take away land and place it in someone else hands against the rightful owner wishes and knowledge.
People also ask
What is a tenant estoppel in commercial real estate?
When it comes to commercial real estate, the tenant estoppel is a document, signed by a tenant, that verifies the terms, conditions, and status of the lease they have signed off on. In many commercial leases, a tenant estoppel certificate or letter is required to be provided upon request.
What is an estoppel and why is it necessary?
The estoppel is necessary to keep another party from claiming that other facts were actually true in the event rather than was is claimed by the benefitting person or group. This is often needed when a real estate contract is signed or an oral agreement has been struck.
Do You need An Estoppel Letter for a real estate contract?
While these arrangements usually demand an estoppel letter or certificate, a lawyer may need to acquire one to ensure the real estate contract is drafted or amended to consider certain facts within the letter. Disclaimer: Every effort has been made to ensure the accuracy of this publication at the time it was written.
What is an estoppel certificate or letter?
An estoppel certificate or letter is when a statement has been signed by a party that another person benefit has been obtained through correct fact through a lease that already exists and without any defaults. The details explain that rent has been paid on a certain date as specified.