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An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and residential transactions.
Due diligence can be a legal obligation, but the term more commonly applies to voluntary investigations. It may also offer a defence against legal action. A common example of due diligence is the process through which a potential acquirer evaluates a target company or its assets in advance of a merger or acquisition. [1]
Companies typically apply the due diligence process when they are about to engage in a major transaction with another company—such as selling or purchasing products or services, or buying (merging with or acquiring) the other company. [7] Some transactions require a due diligence report that includes managements. [8]
Due diligence requirements are determined according to the NAICS codes associated with the prior business use of the property. There are 58 specific NAICS codes that require Phase I Investigations. These include, but are not limited to: Funeral Homes, Dry Cleaners, and Gas Stations. The SBA also requires Phase II Environmental Site Assessment ...
The Standard allows some discretion for each national authority to determine the due diligence approach, but only within minimum standards determined by the OECD: "The term "reportable account" means a [Jurisdiction A] reportable account or a [Jurisdiction B] reportable account, depending on the context, provided it has been identified as such ...
Enhanced due diligence [4] is required when initial identity checks have been completed and high-risk factors have been identified for an individual or a business. When these requirements have been met "enhanced" or additional due diligence above and beyond CDD is conducted which identifies the following information: [4] Source of wealth and ...
Operational due diligence (ODD) is the process by which a potential purchaser reviews the operational aspects of a target company during mergers and acquisitions, private equity investments, or capital raising. Its purpose is to ensure that the business model and operations of the target are suitable to the goals of the buyer.
Investors may perform operational due diligence themselves or they may work with consultants to either outsource operational due diligence reviews entirely, or to complement their own internal efforts. The general consensus is that the forms of ODD which provide greatest benefit for investors are those characterized by: