What is a Status Certificate?
A Status Certificate will provide the buyer or seller with pertinent information on the condominium, the rules, by-laws, and the financials to name a few. In addition to that, it will outline specific information on the unit such as outstanding liens and ownership of parking or locker.
How do you obtain a Status Certificate?
A Status Certificate can be ordered through the property manager of your Condominium Corporation. They are typically $100.
Why is it Important?
The Status Certificate will include important information such as whether or not the current owner is in arrears on their maintenance fees, if there is going to be a special assessment, the amount of money in the reserve fund, if the corporation has valid insurance, if there is any pending or current litigation that may be taking place that could affect the condominium. If you have a pet or have plans to have pets it will outline the pet restrictions and other rules that could impact your decision.
What do you do with a status certificate?
Typically your lawyer will review the status on your behalf and provide a summary of it. They know what to look for and how to best advise on the findings. Once you have reviewed the status with your lawyer you will be able to make a more informed decision as a buyer regarding the condominium corporation.
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