The estoppel certificate addendum is introduced during the sale of a property that is currently occupied by one (1) or more tenants that are renting for either residential or commercial purposes. It is usually demanded by the lender of the purchasing party in order to follow through with the financing of the property. A form must be filled out for each tenant (if more than one) that describes the details of their current rental contract. Some of the vital details that will need to be included within the form are:
- Identity of Both Parties (landlord & tenant).
- Type of Property (residential or commercial)
- Term of the Lease (start & end date)
- Rent (current monthly payments, future payments made, and date of the final payment)
- Security Deposit Amount
Once the necessary fields have been completed, the document must then be dated and signed in the presence of a notary public for certification purposes. The addendum may then be submitted to the third (3rd) party along with copies of the last three (3) rent payments as evidence of an authentic tenancy.