Deeds, Title & Closing
A signed statement from a co-op or condo verifying the seller's account status — what is owed in maintenance, common charges, and assessments.
An estoppel certificate (sometimes called a maintenance letter or aging report) is a written certification from the cooperative or condominium board confirming the current status of the unit owner's account: any unpaid maintenance, common charges, special assessments, late fees, or other amounts owed. Required at the closing of most co-op and condo sales, the certificate ESTOPS the building from later claiming additional sums for past periods covered by the certificate — protecting the buyer from inheriting unknown debts. Buyers should always insist on a current estoppel before closing.
Exam Tip
Protects the BUYER. The building is estopped (legally barred) from later demanding sums for periods covered. Required for co-op/condo closings.
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Deeds & Title
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