What purpose does a condominium estoppel certificate serve?

A condominium estoppel certificate plays a critical role in real estate transactions involving condominiums. The primary function of this certificate is to provide detailed financial and legal status information pertaining to a specific unit within the condominium. This includes vital aspects such as outstanding dues, current assessments, and any legal actions or restrictions that may affect the unit or the owner.

For potential buyers, having access to this information is essential as it ensures that they are fully informed about any pending financial obligations or legal considerations before finalizing a purchase. It serves as a safeguard, giving reassurance that they are making a sound investment without unexpected liabilities.

The other options, while relevant to real estate, do not accurately describe the primary purpose of a condominium estoppel certificate. Confirming the sale price, identifying the property manager, or listing current tenants does not encapsulate the primary intent of this document, which centers around disclosing the financial and legal standing of the unit in question.