Estoppel Services
Lease Estoppel Services
An estoppel certificate is used typically during the processing of a loan, refinancing or sale of a commercial real estate property, verifying the terms of a lease and the obligations of the parties involved. Upon execution of this document, the tenant confirms the key provisions of the lease therefore preventing the lessee from filing any future claims against the landlord at the same time it impedes the tenant from withholding any of its financial commitment to the property owner. Whether you require a blank template for the tenant to fill in or a form that already includes the pertinent terms of the lease that is ready for tenant execution; KMC's Lease Administration Team can help relieve the borrower of this long and tedious process.
Estoppel Turnaround Time
An average estoppel certificate
that is in a pre-filled form is generated within 2 hours and a
blank form is generated within 1 hour; average time for both
forms will depend on the size of the lease document and will
include the following processes: organization and review of the
lease document; preparation and review of the estoppel
certificate.
Estoppel Prices
Our baseline estoppel certificate is $25 per page for a form that needs to be completed by the tenants and $35 per page for signature ready certificate form.
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Estoppel Process
Step 1 - Contacting KMC
Fill out the inquiry form on KMC's website and a sales representative will be contact you within 24 hours of the query.
Step 2 - Analyzing the Project
Consultation and assessment of project details with VP of Sales and the Lease Administration Manager and the execution by client of a service agreement. KMC will customize its services to fit your needs with regards to transmitting the documents; data management and estoppel certificate format.
Step 3 - Receiving Documents from KMC
Lease and other ancillary documents can be sent to KMC through the following methods:
· The documents can be e-mailed directly to KMC.
· The documents can be saved on to a CD and sent to KMC via a courier.
· The documents can be uploaded unto KMC's website with a secure password and access ID.
· The documents can be transmitted via FTP.
Step 4 - Reviewing and Organizing of Documents
Documents will be checked for missing pages and any related sub documents that is necessary for the review process; then the documents are organized by date or order of execution.
Step 5 - Preparing the Estoppel Certificate
The estoppels certificate will be prepared to include but not be limited to the following lease terms: lease commencement date; lease expiration date; existing base rent; existing operating expenses; either party. The client has the option of requesting for a blank estoppel certificate enabling its tenants to fill out the required information or KMC can fill out the form for the tenants in order to expedite the execution of the certificate.
Step 6 - Delivering the Certificate
The estoppel certificates will be attached to their corresponding lease and ancillary documents and mailed to the tenant for signature. The tenant is required ten days to review, execute and return the certificate to the Landlord.
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