stupid question..what is "estoppel"?

[glencoe]

Just put an offer on a BLT 160 pt. March uy...got $115 per point. Sent contract and it is off for ROFR (did I say that right?) Anyway reading here and following the process...what is "estoppel"? I know it seems to be one of the last steps...is it short for something?

 

[DisBuckMan]

In legal terms, an estoppel certificate is a document used in mortgage negotiations to establish facts and financial obligations, such as outstanding amounts due that can affect the settlement of a loan. It is required by a lender of a third party in a real estate transaction.

Basically, in DVC terms, it verifies things such as points and mortgage satisfaction.

 

[jerseyduke]

It means that the seller can not have made any gestures that lead the buyer to believe something that is not true.

It protects the buyer from getting screwed. Make sure there are no liens against the deed, etc.

A rule of law that when person A, by act or words, gives person B reason to believe a certain set of facts upon which person B takes action, person A cannot later, to his (or her) benefit, deny those facts or say that his (or her) earlier act was improper.

 

[disneynutz]

It's a report from Disney to your broker verifying that your purchase contract matches the sellers contract and point status.

Bill

 

[River Country]

Its a way lawyers and lawmakers find a way to make extra $$$$ to buy more Dole Whips!!!!!!!! But the stuff other people said too LOL

 

[glencoe]

Thanks!!! I had a feeling it was something like what you guys said, however isn't that like a title search too?
So excited... Hoping this goes through, bay lake /March uy contracts are slim pickings! Plus for the last year all have watched is point cost go up and up and up!

 

[SuperRob]

Thanks!!! I had a feeling it was something like what you guys said, however isn't that like a title search too?
So excited... Hoping this goes through, bay lake /March uy contracts are slim pickings! Plus for the last year all have watched is point cost go up and up and up!

Title search tells you what was originally sold. It won't tell if you if the points aren't really available ... only Disney could tell you that. Thus, the need for the estoppel report.