If you’re buying or selling a condominium unit, you’ve probably heard of an estoppel certificate. But what is it exactly, and why do you need one?

What is an estoppel certificate?

An estoppel certificate is a legal document that is issued by the condominium association. It provides information about the condominium unit, including:

• The current owner of the unit
• The status of the condominium association’s dues and assessments for the unit
• Any outstanding liens or violations on the unit

Why do I need an estoppel certificate?

If you’re buying a condominium unit, the lender will require you to obtain an estoppel certificate before they will approve your loan. This is because the lender wants to make sure that the condominium association has been paid all of its dues and assessments, and that there are no outstanding liens or violations on the unit.

If you’re selling a condominium unit, the buyer will typically require you to provide them with an estoppel certificate before they will close on the sale. This is because the buyer wants to make sure that they are not buying a unit that is subject to any outstanding dues, assessments, liens, or violations.

How do I get an estoppel certificate?

To get an estoppel certificate, you will need to contact the condominium association’s management company. They will typically charge a small fee for the certificate.

Once you have requested the estoppel certificate, the management company will send you a form to fill out. The form will ask for information such as your name, address, and the unit number of the condominium unit.

The management company will then review the condominium association’s records and generate the estoppel certificate. The certificate will typically be sent to you within a few days of requesting it.

What should I look for in an estoppel certificate?

When you receive your estoppel certificate, you should carefully review it to make sure that all of the information is accurate. You should also make sure that the certificate is signed by an authorized representative of the condominium association.

Here are some specific things to look for in an estoppel certificate:

• The current owner of the unit
• The status of the condominium association’s dues and assessments for the unit
• Any outstanding liens or violations on the unit
• The date that the certificate was issued

Conclusion

An estoppel certificate is an important document that is needed when buying or selling a condominium unit. By obtaining an estoppel certificate, you can ensure that the condominium association has been paid all of its dues and assessments, and that there are no outstanding liens or violations on the unit.