How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask P. Simmons Your Own Question
P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 34746
Experience:  12+ yrs. of experience including real estate law.
11181181
Type Your Real Estate Law Question Here...
P. Simmons is online now
A new question is answered every 9 seconds

In a contract of commercial property in the state of Ohio,

Customer Question

In a contract for purchase of commercial property in the state of Ohio, the buyer has listed under other contingencies:
Prior to closing, seller must provide buyer with estoppel certificates from the tenants under the leases in a form satisfactory to buyer and buyer's lender, if any.
What does this mean? Seller and holder of current leases with current tenants has supplied copies of current leases to buyer.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  P. Simmons replied 1 year ago.

Hello! My name is ***** ***** I am a licensed attorney with more than 18 years of experience. I am here to assist you with your questions. Please understand that if I ask you for additional information, you are NOT charged again and our communications are NOT timed. So please see this as a relaxed conversation between friends. I am here to help

Also, if you would like to chat on the phone, let me know and I can make that happen.

An estoppel certificate provides confirmation by the tenant of the terms of the rental agreement and gives the opportunity to the tenant to explain if they may have any claims against the landlord, which may affect a buyer's or lender's decision to complete the proposed transaction.

So the provision you describe is used to allow the buyer confirmation, from the tenant, on the terms of the lease.

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.

Customer: replied 1 year ago.
Is there is a separate form for tenants to sign for this purpose? If so where can I obtain one or can you provide me with one?
Expert:  P. Simmons replied 1 year ago.

THank you

I am not permitted to provide you with one, that would violate the terms of service of this website. But there are examples out there, like, for example, this one

http://www.leasingprofessional.com/lease-exhibit-and-lease-attachment/standard-estoppel-certificate-lease-exhibit.htm

Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.