Property Management
What is a commercial lease estoppel certificate in Nevada?
AA lease termination agreement
BA written statement by a tenant confirming the material terms of their lease, used in property sales or financing to confirm lease status✓ Correct
CA certificate of habitability issued by the city
DAn insurance certificate for the leased premises
Explanation
A lease estoppel certificate is a document in which the tenant confirms (or 'estops' from later disputing) the key terms of their lease: rent amount, lease term, options, and absence of landlord defaults. It is required by buyers and lenders in commercial transactions.
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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.
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.
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.
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