estoppel certificate

  

Definition

Signed document establishing certain facts which the signing party may not later contradict, dispute, or recant. In case of a mortgage, for example, estoppel certificate is issued by the mortgagee to the mortgagor stating the unpaid principal balance of a mortgage, its interest rate, and any other related information. It is used to preclude the possibility of a claim that the actual unpaid balance or applicable interest rate is different.

Use this term in a sentence

  • We got the estoppel certificate and wanted to know what I needed to do next and where I needed to go.

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  • You should try and have an estoppel certificate if you are doing business with someone that you do not know well.

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  • If you are doing a deal with someone for the first time you may want to get a signed estoppel certificate so that nothing can be changed.

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