Escrow & Title
In Maine, an 'estoppel certificate' in commercial real estate is a document signed by a tenant that:
AAllows the landlord to increase the rent
BCertifies the current status of the lease terms, rent, deposits, and any defaults✓ Correct
CGives the tenant the right to terminate the lease
DGrants the landlord immunity from tenant claims
Explanation
An estoppel certificate is signed by a tenant and confirms the current status of their lease — effective dates, rent amounts, deposits held, any defaults, and whether any modifications were made. It is commonly required in connection with a sale or refinancing.
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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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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