 estoppel 4 verbal lease? (by Robin [WI]) Oct 10, 2021 3:11 PM
 estoppel 4 verbal lease? (by Robert J [CA]) Oct 10, 2021 3:30 PM
estoppel 4 verbal lease? (by Pmh [TX]) Oct 10, 2021 4:53 PM
estoppel 4 verbal lease? (by Vee [OH]) Oct 10, 2021 5:03 PM
estoppel 4 verbal lease? (by Ray-N-Pa [PA]) Oct 10, 2021 7:58 PM
estoppel 4 verbal lease? (by Robin [WI]) Oct 10, 2021 9:19 PM
estoppel 4 verbal lease? (by BRAD 20,000 [IN]) Oct 10, 2021 11:23 PM
estoppel 4 verbal lease? (by Ken [NY]) Oct 11, 2021 4:43 PM
estoppel 4 verbal lease? (by Robin [WI]) Posted on: Oct 10, 2021 3:11 PM
Message:
We just got a A/O on a property where the tenant has a verbal agreement with the landlord for the lease. Any suggestions on how to modify the estoppel for that, or will the standard form work?
--104.230.xxx.xx |
estoppel 4 verbal lease? (by Robert J [CA]) Posted on: Oct 10, 2021 3:30 PM
Message:
Each time I purchased an investment property with agents, I have them (listing and selling agents together) meet with the tenants and fill out an estoppel -- even if there is only a verbal lease.
When I purchased a building from the bank that foreclosed on it, there were no records. Tenants said they lost their copy of the lease and stated their rents were $500 a month when really they were $600.
Each tenant stated and signed the estoppel saying they owned the appliances -- Stove, Refrigerator, Microwave and window air conditioner. They weren't old so I didn't care.
Then 2 months into my ownership one tenant called and said, "The owners (me) refrigerator broke and they need another one plus $200 for lost food"! I said let me call you back, I need to check my records. I called and stated that the tenant claimed the appliances were theirs.
The tenant called the old owner and got a copy of their original lease from 8 years ago, then called The Housing Department. I was ordered to replace my tenants refrigerator. So I got a used one out of my storage, from the 1970's that wasn't frost free.
I found my way in a Housing Department hearing. When I presented a signed estoppel with notarized letters from the listing and selling agents that the tenant claimed the appliances were theirs, the Judge didn't buy it!
I then explained to the judge that the owner hadn't raised the rent in years because when their apartment refrigerator broke, the tenant replace it them selves. $100 less a month in rent means a $1,200 a year discount and this went on for 4 years. The tenant can buy themselves a new one.
I told the judge that both agents are bonded and wouldn't lie about an stopple. On the other hand every word a tenant said is suspicious. --47.155.xx.xxx |
estoppel 4 verbal lease? (by Pmh [TX]) Posted on: Oct 10, 2021 4:53 PM
Message:
Your estoppel should require proof of written agreements. if none provided then you are not obligated. --107.77.xxx.xxx |
estoppel 4 verbal lease? (by Vee [OH]) Posted on: Oct 10, 2021 5:03 PM
Message:
Have them write it down and sign - notarized, then you can make a written lease they must sign. --76.188.xxx.xxx |
estoppel 4 verbal lease? (by Ray-N-Pa [PA]) Posted on: Oct 10, 2021 7:58 PM
Message:
Modify the offer so you can institute a written lease effective closing date but signed before hand - something you can show your bank while giving you known control of that asset --24.101.xxx.xxx |
estoppel 4 verbal lease? (by Robin [WI]) Posted on: Oct 10, 2021 9:19 PM
Message:
I think I'll just use the estoppel I have and take out the reference to providing paper documents that substantiate. It's a verbal MTM, so once I close I'll give notice and have the tenant sign a new lease. I've met him and he seems pretty cooperative and anxious to stay (not easy for a dog breeder and smoker to find a rental!), so I think we'll be okay. --104.230.xxx.xx |
estoppel 4 verbal lease? (by BRAD 20,000 [IN]) Posted on: Oct 10, 2021 11:23 PM
Message:
Robin,
My judge told our assoc that not having a lease shows him the LL is not serious about doing business. And he cannot grant anything not written such as late fees, REPAIRS!, cleaning...
I think I'll add proof of rent and deposit, such as cancelled checks.
And...no documents produced after signing this estopple will be considered fraud.
Go Robin!
BRAD --73.102.xxx.xxx |
estoppel 4 verbal lease? (by Ken [NY]) Posted on: Oct 11, 2021 4:43 PM
Message:
I buy houses all the time with no leases in place.I dont ever get an estoppel signed,not worth the time.When i close i just sit down with the tenants and write a new lease,noone argues with me.The only thing i get lied to about is who owns the stove and fridge,for some reason the tenants want to claim ownership which is fine with me because when they break and the tenant calls wanting me to get a new one i remind them the lease we signed says they own it and that is the end of that conversation --72.231.xxx.xxx |
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