An Attornment Agreement is a legal document that outlines the relationship between a tenant, a landlord, and a third-party entity such as a mortgage lender or a buyer. It is a legal agreement that confirms the tenant’s recognition of the relationship between the landlord and the third-party entity.

An Attornment Agreement is usually required when the ownership of a rental property changes hands. For instance, if a landlord sells a rental property to a new owner, the new owner may want to ensure that the tenants acknowledge the change in ownership and continue to pay rent to the new owner.

The Attornment Agreement specifies the terms of the arrangement between the tenant, landlord, and third-party entity. It outlines the rights and obligations of each party and confirms the tenant’s obligation to pay rent to the new owner. It also confirms that the new owner has the right to enforce the terms of the lease and evict the tenant if necessary.

The Attornment Agreement is a legal document and must be signed by all parties involved. The tenant must acknowledge the change in ownership and agree to continue paying rent to the new owner. The new owner, in turn, agrees to honor the terms of the lease and any other agreements between the tenant and the previous landlord.

In summary, an Attornment Agreement is a legally binding document that outlines the relationship between a tenant, landlord, and a third-party entity. It confirms the tenant’s recognition of the change in ownership and specifies the terms and obligations of each party. It is an essential document that protects the interests of all parties involved in a rental property transaction.