The Estoppel Certificate

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Residential Mortgages

Section 23 of 41

The Scenario: You are buying a loan (or a property with an existing loan). The seller says, "The balance is only $50,000."What if the seller is lying and the balance is actually $100,000?The Solution: You ask the bank for an Estoppel Certificate. This is a legal document where the bank states the exact current balance, interest rate, and status of the loan.Why "Estoppel"? It "stops" the bank from later claiming a different amount. It locks in the numbers.