First Time Under Contract - Estoppel Agreement
Hi everyone! I'm under contract for a duplex and I have about 10 days left in the due dilligence period. The inspection is in 7 days and I've requested an estoppel agreement via my agent in the meantime. My agent doesn't seem to be familiar with working with estoppel agreements, so I'm hoping I could get some insight from the BP community.
Here's some quick background info..one of the units is vacant but the other unit (3bd 1ba) has 3 tenants that have been living in there for over 3 years and when I did the initial walkthrough the tenants look very....settled in (they are a bit messy and I'll make a separate post about that). There has never been any issues with the tenant's paying rent on time or being messy outside the unit.
A few reasons I want to request the estoppel agreement is because the copy of the lease provided to me:
- lists the wrong property address (probably was a simple mistake since it's one number off)
- lists language such as "if any damage should occur while tenant is under the lease a necessary amount will be deducted from the security deposit", but there is no mention of a security deposit amount on the lease
- the lease only has one tenant's name on it. I saw two other tenant's names on the copy of the rental application I was provided but I don't have any way of confirming those two names are the same names of the tenants that are currently living in the unity
Here are are my questions:
- If I didn't list any mention of the estoppel agreement in the contract that doesn't mean I can't ask the seller to provide this to the tenants and sign, but it does mean the seller can refuse. Is that correct?
- Do you typically have a lawyer review and estoppel agreement or is a general one pulled from online applicable? I found one that I slightly edited and I feel comfortable with it.
Any feedback is greatly appreciated!