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Can someone explain?

RahRah

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What is an estoppel letter? I've been poking around the forums and see it mentioned a lot and looked up the definition and am still scratching my head as to why to ask for one, when it's needed, and what it should detail.....anyone able to dumb it down for me to understand?

Thanks!
 

ausman

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It is a pretty simple concept.

Checking that what is represented is as actual, ownership, payments up to date etc.

Is there anything in particular that needs explaination.
 

RahRah

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So basically an estoppel letter is confirming they've (whomever you bought through or the closing company) done their homework and confirmed all that's connected to the week (unit, size, use, fees) and the letter simply represents that information confirmation to proceed with the closing?
 

ausman

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You have it, except that it should be you or your representative doing the checking.

You/they are looking out for your interest and just checking the veracity of that represented.

The seller could also request an estoppel to see what they are selling is as thought.

Ultimately it is your responsibility to check what you think is being purchased is so.
 
Last edited:

RahRah

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You have it, except that it should be you or your representative doing the checking.

You/they are looking out for your interest and just checking the veracity of that represented.

The seller could also request an estoppel to see what they are selling is as thought.

Ultimately it is your responsibility to check what you think is being purchased is so.

OK....I think I get it.....but let me repeat anyway....

So, let's say I win a bid on eBay.....I should (before sending money) confirm the week type, the unit type, the maintenance fees, any special assements, the ownership, that there are no encumberances or payments owed on the week and then I write an esstopel letter to the seller with those details to be clear on what I purchased?

I just want to be sure of the process/procedure since the week I bought on eBay ... well, I was clueless and didn't do that, but somehow managed to buy the week from a long-time eBayer with 100% feedback (lucked out!) and so far that's all going smoothly.....I just don't want to "wing it" on my next buy!
 

AwayWeGo

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[triennial - points]
Legalese.

What is an estoppel letter?
I'm such a doofus I thought estoppel letter meant the same thing as cease & desist -- i.e., stop -- as in Hey, Cut That Out !

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​

 
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