This review list is intended to educate you about this document and to guide you in its preparation. An estoppel letter is used to calculate payback amounts at the time of a property’s closing or sale. Both corporate and public lenders routinely give these. These can also be employed in corporate banking scenarios, such as when acquirers and/or lenders refinance existing debt.
If you find yourself in this type of lending position, this agreement formalizes the procedure and assists the escrow agent, attorneys, or whoever else is handling the transaction in properly handling it and delivering your funds to you.
- Make several copies. Distribute a copy to all parties involved. Maintain one along with transaction file.
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Property located at: _____________________________________________
The balance due upon this mortgage as of ___________ is $ ________ (_____________&___/100 dollars). The per diem is $_______ (_____________&___/100 dollars). The mortgage was last paid on _________________.
The figures in this estoppel are effective until _____________.
Funds should be wired to: ________________ Name of Account, ____________ Bank, _____________ ABA #, _______________ Account Number.
Fax a copy of your wire instructions to: ________________, Attention: ____________.
This review list is provided to inform you about this document in question and assist you in its preparation. An estoppel letter is to determine payoff amounts at a closing or sale of a property. Both private and public lenders provide these as a matter of course. These can also be used for corporate banking situations when acquirers and/or lenders take out old loans.
If you are in a such lending situation, this document formalizes the process and will assist the escrow agent, attorneys, or whomever else is handling the transaction to handle it appropriately and deliver you your funds.
1. Make multiple copies. Give a copy to each related party. Keep one with the transaction file.