Contracts
A Connecticut buyer is purchasing a multi-family property. The purchase contract requires the seller to provide estoppel certificates from each tenant before closing. What is the purpose of an estoppel certificate?
ATo certify that the property is free from environmental contamination
BTo have each tenant certify the lease terms (rent amount, deposit, expiration date, and any disputes) so the buyer knows the true state of each tenancy✓ Correct
CTo waive the tenant's right to object to the new owner
DTo get the tenant's permission to sell the property
Explanation
An estoppel certificate is a signed statement by a tenant certifying the current lease terms—monthly rent, security deposit, lease expiration, and whether there are any defaults or disputes. It prevents tenants from later claiming different terms than what they certified.
People Also Study
Related Connecticut Questions
- Under Connecticut law, a landlord must provide the tenant with a written itemized statement of security deposit deductions within how many days of the tenant's move-out?Property Management
- A Connecticut property manager requires Muslim tenants to pay a larger security deposit than non-Muslim tenants. This is a violation of fair housing laws protecting which class?Fair Housing
- A Connecticut commercial property manager signs a lease with a new tenant. The lease requires the tenant to pay a base rent plus a proportionate share of operating expenses (taxes, insurance, maintenance). This is called a:Property Management
- A Connecticut property manager receives funds from a tenant for rent and a security deposit. How should these funds be handled?Property Management
- A Connecticut purchase contract is signed by both parties on March 1. If the seller has 5 days to respond to a buyer's repair request and fails to respond, what typically happens?Contracts
- A Connecticut landlord wants to charge a higher security deposit to a tenant with a service dog, arguing the dog may cause damage. This is:Fair Housing
- Under Connecticut landlord-tenant law, a landlord must return a security deposit within how many days after the tenant vacates?Property Management
- A Connecticut purchase contract that is signed under duress (e.g., threats of physical harm) is best characterized as:Contracts
Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Study This Topic
Practice More Connecticut Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Connecticut Quiz →