Estoppel Letter Content on Verbal Lease
I've got an estoppel letter I use for purchasing tenant-inhabited properties. The content was suggested by my lawyer and is definitely suited for scenarios when a written lease is governing. I'm tightenting up my offer on an occupied property where (according to seller) the lease is verbal only. What items are recommended to record on the estoppel letter when the lease is verbal? The dumb answer would be to include everything included when a written lease it in play, but I'm open to hear from others who have run into this situation and advice they can give.
Re: Tenants (according to seller) are deficient on rent. I want to rehab and re-rent property, and if seller is honest, have reason to evict with late payment. My purchase offer includes a seller-held mortgage maturing in one year, so I want to make sure my estoppel letter ensures that I can either terminate or evict existing tenants in a timely fashion.
Thanks,
Mike