Settlement
Estoppel certificate
A signed statement of the current facts of a loan or lease that the signer cannot later contradict
Someone buying a mortgage, or a building with tenants in it, asks the borrower or the tenant to confirm the balance, the rent, the term and any claims they believe they have. Having signed, they are estopped from asserting something different afterwards.
How the exam asks about it
The mechanism is the point: it converts a disputed fact into one the signer is barred from denying, which is why lenders and purchasers require it before closing.
Quick check: Estoppel certificate
One question. Pick an answer to see the explanation.
Which term is being defined: “A signed statement of the current facts of a loan or lease that the signer cannot later contradict”?
Related terms
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