Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago,

User Stats

121
Posts
14
Votes
Abad Marroquin
Pro Member
  • Chatsworth, GA
14
Votes |
121
Posts

Is this Certified Estoppel Letters correct?

Abad Marroquin
Pro Member
  • Chatsworth, GA
Posted

I am buying a few apartments and I have closing tomorrow. Because many tenants don't have a lease, we requested certified estoppel letters. In the contract it is stated that "Seller is to provide the buyers with Estoppel Certificates from all tenants prior to closing, and all security deposits being held on behalf of the tenants is to be transferred to the buyers on the day of closing". 

The listing agent told me that the Property manager who is managing for the seller is not being cooperative. So, he sent  the  estoppel letters to the tenants to complete. Tenants completed the letter and returned them to the agent, and he sent them to me.  Aren't the letters supposed to come from the property manager who manages the properties and holds the security deposits?  I asked the agent if I would get the security deposits at closing as it is stated in the contract. He said, "No, those security deposits are going to be transferred from the seller's property manager to your property manager." I am afraid the seller's agent will not send those security deposit to my property manager and then I am going to be screwed. I called the closing attorney and he said he will not disburse the funds to the seller before everyone complies with the term of the contract. What I am afraid of is that the seller's property manager does not know anything about the estoppel letters and therefore he is not obligated to transfer the security deposits to my property manager. He can simply say that he does not have any security deposit and because he did not send us the estoppel letters. I am going to be attaching a copy of one of the estoppel letter. Please look at it and tell me what's missing. I don't see the property manager's signature, nor the seller's agent who prepared them. 

  • Abad Marroquin
  • Loading replies...