Rental Property Investor · Cleveland, OH · Member since 2017 · 7 posts · 0 votes
What is the name of the form that a buyer of a property with existing tenants has the tenants sign stating that their lease is correct and that they do pay rent. Does anyone have this form to send out?
Investor · Clairemont, CA · Member since 2011 · 3k+ posts · 2k+ votes
8y
You're thinking of an e-stoppel, it just gets the tenant's concurrence that the lease provisions are XYZ. It should in theory just confirm what is already in the lease, but if not it lets you know before closing.
Investor · Chicago, IL · Member since 2016 · 1k+ posts · 930 votes
8y
I didn't know the tenant had to sign. I thought the seller just attested that the rental information is accurate, and also assigns lordship to the new owner.
Rental Property Investor · Ankeny, IA · Member since 2017 · 2k+ posts · 3k+ votes
8y
An estoppel agreement for the tenants is voluntary, and usually not needed. However, if you cannot get a copy of the lease, I would absolutely ask the tenants to sign one. Or if there's any questions that the tenant is getting an extra discount for mowing the lawn, or being a caretaker, or whatever reason.