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Updated 9 months ago on . Most recent reply
Estoppel with existing tenant
I recently purchased a duplex in Columbus and discovered after closing that the former owner had an estoppel in place with one of the existing tenants. Unfamiliar with how estoppels work so looking for insight on this as I would like to replace the estoppel with a lease instead. Can the tenant refuse to sign the lease and chose to stay on the estoppel? Do they have legal grounds to do so?
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#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
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#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
Congrats on the purchase! Lease and estoppel are two different documents. Estoppel indicates agreement between LL and tenant on financial facts like deposit and advance rent-say first and last.
Lease describes the relationship and conditions between the LL and tenant during the stay in the property as well as financial facts. I have provided a brief summary, for a wider description you can consult google etc. All the best!