Condo Estoppel Clause Samples
A Condo Estoppel clause requires the condominium association to provide a formal statement, known as an estoppel certificate, detailing the current status of a specific condo unit. This certificate typically includes information such as outstanding fees, special assessments, and compliance with association rules, and is often requested during the sale or refinancing of a unit. The core function of this clause is to ensure that buyers, lenders, and other interested parties receive accurate and up-to-date information about the unit’s financial and legal standing, thereby reducing the risk of unexpected liabilities or disputes after the transaction.
Condo Estoppel. No later than two (2) business Days prior to Closing, Assignee shall have received an estoppel certificate, executed by the Condo Association, with respect to the Condominium Declaration, dated no earlier than thirty (30) days prior to the Closing Date, and in the form attached hereto as Exhibit F-11 (the "Condo Estoppel"). Assignor's failure to deliver the Condo Estoppel shall constitute a failure of a condition to Assignee's obligation to close under this Section 11.3.2 and shall not constitute not a default by Assignor.