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Simple English definitions for legal terms
waiver of defenses
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A quick definition of waiver of defenses:
A waiver of defenses is a document used in real estate that acknowledges the validity of a mortgage for the full amount of the mortgage note. This document ensures that the borrower has no legal defenses to the mortgage. It is also known as an estoppel certificate, no-setoff certificate, or declaration of no defenses.
A more thorough explanation:
Waiver of defenses is a legal document used in real estate transactions. It is a document that acknowledges that the mortgage is valid and enforceable for the full amount of the mortgage note. This document ensures that the mortgagor has no defenses to the mortgage.
For example, if a person takes out a mortgage to buy a house, they may sign a waiver of defenses document. This document acknowledges that the mortgage is valid and that the person has no defenses to the mortgage. This means that if the person defaults on the mortgage, they cannot argue that the mortgage is invalid or that they have a defense to the mortgage.
Another example is when a commercial tenant signs a lease. The lease may include a waiver of defenses clause, which means that the tenant cannot argue that the lease is invalid or that they have a defense to the lease.
Overall, a waiver of defenses is a legal document that ensures that the parties involved in a real estate transaction acknowledge the validity of the mortgage or lease and have no defenses to it.