Property Management
In North Dakota, a commercial tenant's 'estoppel certificate' is a document where the tenant certifies:
ATheir financial statements to the landlord
BThe current status of the lease (terms, rent, no defaults) to a potential buyer or lender of the property✓ Correct
CTheir intent to renew the lease
DTheir compliance with environmental regulations
Explanation
An estoppel certificate is a signed statement by a tenant certifying the current status of their lease (rent amounts, term, amendments, absence of defaults). It is used in property sales and refinancings to confirm lease terms to buyers and lenders.
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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.
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