Sunday, December 7, 2008

LEASING COMMERCIAL SPACE AS A TENANT: PART SEVEN

IMPROVE THE “ESTOPPEL” CERTIFICATE PROVISION

You may be required to provide an “estoppel” certificate or letter at the demand of the landlord. In it you must state whether certain things about your leasehold relationship are true, such as whether the landlord is in default, the rent has been paid more than one month in advance, and whether and if so how the lease has been amended since it was originally signed. It is intended to be relied on by a third party such as a bank or purchaser. Have a qualified attorney review it because the third party can come after you later if your statements are untrue. Specify that your statements are made only “to the best of your current knowledge and belief.” You might try to get the landlord to promise to provide you with a similar statement or certificate which you can give to your lender when you are trying to refinance your furniture, fixtures, equipment or tenant improvement loan.

6 comments:

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Mark said...

I have read this complete post. I think you should consult with a real-estate lawyer If you want to take commercial space as a tenant for business purpose.
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