In one sentence
A tenant's signed confirmation of its lease terms and that neither party is in default, relied on by lenders at closing.
The longer version
A tenant estoppel confirms the rent, term, deposits, and that the lease is in effect with no undisclosed defaults or side deals. Lenders require them from major tenants to verify the income they are lending against.
Collecting estoppels across a multi-tenant property is a parallel closing workflow that frequently paces the deal.
Keep reading