Video Summary
What is the Estoppel letter? An estoppel letter is a statement by someone who is owed money. They set forth how much money is owed bias, particular date. You can then rely upon that as a closing agent or someone whose paying them that amount. That is how much is owed. And if you pay them that amount, then that will satisfy a mortgage on outstanding lien. You get the word to stop on means that they are stopped from claiming any additional money. As a result of giving you this estoppel statement. This is customarily used to obtain the payoffs and determine the amount, if any, that’s owed to homeowners association pay off existing mortgages. We get the estoppel statement from the lender to say how much money we need to send to them. If there is judgements as to how much needs to be sent in order to have the judgment satisfied as well as any other liens that need to be paid. Estoppel statements are also used whenever you have a landlord tenant situation and you have a statement as have the tenant set forth, how much of a deposit they have, and that they don’t have any claims against the landlord. There’s other instance Estoppels are used for that gives you a flavor or estoppel statements are used and when they’re used. if you have any questions, give me a call at (727) 847-2288.