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Real Estate Investing | Estoppel Certificates | Title Company [E-106] - YouTube
Channel: Kevin Tacher Florida Real Estate
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stop in the name of title on this
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episode of title Tuesdays
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everybody welcome back to another
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episode of title Tuesdays my name's
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Kevin Thatcher the founder and CEO here
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at independence Title also known as your
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title King today we are talking about
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stop in our business what does that mean
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we're talking about estoppel --zz
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estoppel certificates are very important
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in our business so we're gonna talk
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about what is an estoppel how do we
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order an estoppel and what information
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does the estoppel show relevant to your
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next real estate closing so when we say
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stop
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that means we're ordering an estoppel
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there are many different places we can
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order an estoppel from it could be from
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the landlord and the tenant that are
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living in the property it could be from
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a mortgage company it could be from the
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homeowners association or condominium
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association don't forget to subscribe
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below because we're gonna do another
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episode talking about homeowners
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associations and condo associations but
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on this episode we're talking about what
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is an estoppel and estoppel is a piece
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of paper it's a search that we basically
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order could be from the condo
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association where we're asking them are
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there any special assessments pending on
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this property is there any money due on
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this property is the seller delinquent
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on their maintenance this is all of the
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information that is going to be relevant
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to your next role state closing this is
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going to tell us how much are the
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association dues for you the property
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that you are buying this is going to
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tell us if there are any pending
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violations with the homeowners
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association or the condominium
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association this is going to tell us
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most importantly if approval is required
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by the buyer so estoppel means stop and
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tell me what's going on stop and tell me
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what is owed on this property that this
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buyer is trying to buy and this seller
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is trying to sell that is called an
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estoppel certificate the second place we
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see an estoppel is when we're talking
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about tenants so you can imagine you're
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already thinking of what that's going to
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say what is the tenants security deposit
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do you know how many times we have
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flipping demands when the tenant
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estoppel comes in and the landlord says
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they're only holding $500 security
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deposit but the tenants saying that they
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they gave a thousand someone was wrong
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so it's very important that we order
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this estoppel certificate it's going to
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tell us exactly what the tenant paid in
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a security deposit to make sure it
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matches what the seller is saying they
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had it's going to tell us when was the
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last rent payment made it's going to
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tell us how long is the lease for this
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is all relevant information that your
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title company should be ordering now we
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order that if we see that a contract is
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subject to a lease will order and ask
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for the information to order a tenant
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estoppel if we see it's in a homeowner's
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or a condominium association we take
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care of ordering that but you need to be
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very careful and one of the questions
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that people ask is what is this
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expensive estoppel certificate
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sometimes these estoppel --zz could be
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anywhere from $300 all the way up to
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$800 I've seen if it's with an attorney
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because it's in collections it's a lot
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more so you want to understand what is
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an estoppel know the cost it's usually a
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seller paid expense where we go and we
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order the estoppel to make sure you as
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the buyer are protected from any future
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losses pursuant to some money some type
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of money loss and that's the importance
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of ordering an estoppel if you learn
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something new talking about estoppel
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certificates subscribe below like our
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video and please share this on social
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media we'd love to see our videos on
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Facebook it could you could put it up on
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Instagram you could put it up on
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LinkedIn it's very important to share
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this knowledge with our real estate
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community so thanks for watching this
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episode that title Tuesday's my name's
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Kevin Thatcher the founder and CEO
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signing off and I look forward to seeing
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you at the closing table
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[Music]
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you
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[Music]
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