Property Management
In New Mexico, an 'estoppel certificate' in a commercial lease context is a document signed by the tenant that:
APrevents the tenant from ever challenging the lease
BConfirms the lease terms, outstanding rent balance, and status of the tenancy for a prospective purchaser or lender✓ Correct
CWaives the tenant's right to repair and deduct
DAuthorizes the landlord to enter without notice
Explanation
An estoppel certificate is signed by a commercial tenant confirming current lease terms, rent paid to date, and any defaults. Buyers and lenders rely on it to verify the status of existing leases before closing.
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Key Terms to Know
Short Sale
A 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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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