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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 18: Standards For Real Estate Transactions

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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 18: Standards For Real Estate Transactions

January 21, 2016
Tanishia Stokes
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Lease Information

Part D of Section 18 discusses Lease Information. It requires that 10 days before Closing, the Seller must provide the Buyer with the estoppel letters from the tenants of the property. These estoppel letters are to specify the duration of and type of occupancy, the rent, security deposits, and advanced rent. If Seller cannot get the estoppel letters from the tenants, the Seller must then produce a Seller’s affidavit that contains the same information that the estoppel letters would have contained. Seller must then get tenants to confirm this information. If the Seller is unable to confirm this information, then Buyer may deliver written notice to Seller within 5 days before the Closing Date that would terminate the Contract and release both parties from any further obligation.

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