Q: I recently closed on my condo purchase. I signed a form called an estoppel certificate. The closer didn’t really explain well what it was. What is it that I signed?

A: An estoppel certificate is a document by which the borrower acknowledges or certifies that the mortgage debt is a lien on the property for the amount stated. The lender is then prevented from claiming that the balance due is different from the amount stated. This also comes in handy for the originating lender if they sell the mortgage to another entity as the borrower is prevented by this document to claim that they don’t owe the money. This document is often titled as an affidavit by owner, estoppel certificate or compliance agreement.

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