Updated on October 31, 2023Table of Contents
Attornment is the payment of money or other valuable consideration to induce a person to do or refrain from doing something.
Attornment is a legal term that refers to a payment or other incentive offered to a person in exchange for their consent or agreement to perform a certain action or to refrain from performing a certain action.
What do you mean by attornment?
Attornment refers to the formal acknowledgment of a new relationship or authority, particularly in law. It typically occurs when a tenant recognizes a new landlord after a property transfer, agreeing to continue the lease under the new ownership.
What is attornment in law?
In legal terms, attornment is the act of a tenant formally agreeing to acknowledge and accept a new landlord after the ownership of the leased property changes, ensuring continuity of the tenancy.
What is delivery by attornment?
Delivery by attornment occurs when possession of goods is transferred without physically moving them. Instead, the third party holding the goods acknowledges that they now hold them on behalf of the new owner.
What is a letter of attornment?
A letter of attornment is a document signed by a tenant to formally acknowledge the new landlord’s ownership and agree to the continuation of the lease terms under the new arrangement.
What is subordination and attornment?
Subordination and attornment refer to agreements in real estate leases. Subordination allows the lease to become secondary to a lender’s mortgage, while attornment ensures that tenants continue their lease under a new property owner if ownership changes.
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