Property Management
An 'estoppel certificate' in Connecticut commercial real estate is a document in which a tenant:
AConfirms the details of their lease to a potential buyer or lender✓ Correct
BRequests early termination of their lease
CCertifies the property is free of environmental issues
DApproves the sale of the property
Explanation
An estoppel certificate is a signed statement by the tenant confirming key lease terms (rent, term, deposit, any defaults) to a prospective buyer or lender. Tenants are typically contractually obligated to provide these within a set timeframe.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Earnest MoneyA 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.
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