Reposted from Richard Lawrence, Esq. December 5th, 2022
Any time there is a condominium or homeowner’s association applicable to a particular property being bought and sold, the title and closing agent should obtain an estoppel letter from the association.
The term estoppel essentially means reliance.
In effect, the title and closing agent is obtaining a formal letter that they can rely upon from the association as to the status of the applicable dues or assessments and ownership aspects with respect to the property governed by the association. This means that the association will be confirming whether the applicable general dues or assessments have been paid up to date, whether there are any special dues or assessments pending, and whether the…
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