Estoppel funny business

[Josh Wood]

I have two properties under contract with a seller and in the p&s agreement, I have an estoppel agreement requirement. I didn’t state when these needed to be produced, but should have. These are two duplexes that are currently occupied. The walkthrough, inspections, appraisals, etc have all been completed satisfactorily. At this point, all of the closing paperwork is with the lawyers except the estoppel agreements. My lawyer says he’s waiting on this paperwork to get clearance for a closing with the bank and the seller says that he will provide the estoppel agreements when we have a closing date. He has been very firm about this, but very cooperative otherwise. He claims that there is concern that the tenants will leave upon filling out this paperwork, but says that he has no reason to believe this, just that it’s a concern. Seems really fishy to me. Also, his lawyer lost the leases for about a month and they have just been submitted to my lawyer for review. At this time, I have only seen 1 of 3 leases and the fourth tenant is in the process of moving out (will be gone as of 4/1/19). Anyone have any advice or insight? Thanks in advance

[Bill B.]

Could be fishy business. Could be seller assumes renters believe you will raise rent if you buy it and will move out. You fail to close and seller is screwed. Assuming you have the right to bail on the deal if the estoppel doesn’t say what you’ve all agreed it’s going to say he doesn’t have much to gain by withholding until closing for an advantage. Maybe reiterate, “this is the rent/deposits/lease terms seller has they are, if the estoppel doesn’t confirm this I get my earnest money back and walk...