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estoppel |
Also found in: Dictionary/thesaurus, Medical, Legal, Wikipedia, Hutchinson | 0.03 sec. |
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estoppel A doctrine that stops one from denying facts or taking a course of action because it would be unfair under the circumstances.It may be because someone else relied on former statements regarding the facts or because someone else relied upon a situation allowed to exist by a party, so that the party cannot now be allowed to change that situation.The concept commonly arises in three situations: 1. Before the sale of an income-producing property, the tenants sign estoppel certificates acknowledging they have no claims against the landlord, no defenses to any of the terms or conditions of their lease, and no outside or “side” agreements varying the terms of the lease. After the sale, the tenant cannot claim otherwise, even if all parties agree that there has been a wrong done to the tenant by the prior landlord and the tenant would otherwise be able to cancel the lease if it were not for the estoppel certificate. 2. A subdivision with restrictive covenants grows lax in the enforcement of them and per- mits many violations over the years regarding, for example, parking boats and motor homes in driveways. If one buys a home in the subdivision and keeps a motor home in the driveway, the principle of estoppel will prevent the homeowners association from suddenly deciding to enforce that particular covenant. 3. A government employee tells someone one thing, and it later turns out to be wrong. The citizen has already taken action on the incorrect information. In most circumstances, courts will not allow estoppel against a government or government agency. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| In a leased property, obtaining estoppels on a proper form and examining them closely will reveal volumes about the tenants' expectations. We prepared and negotiated the purchase and sale agreement, negotiated with the various franchise companies (Marriott Hotels, InterContinental Hotels and Carlsen Hotels), prepared and negotiated the assignments of ground lease and ground lease estoppels, oversaw the defeasance process and got the entire deal closed with a little over one month from the execution of the purchase and sale agreement. The deposits are non-refundable except if consents to the assumption of mortgages, third party financing commitments or estoppels are not obtained with respect to certain of the properties to be acquired under the Sale Contract or if certain other contingencies occur. |
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