What is it?
The status certificate is a document, that provides basic and essential information concerning the financial status of a unit and of the condo corporation.
Why it’s very important
The main focus is to inform a prospective owners of the fees, of any large increase that is going to come into effect, of any special assessment that is being contemplated by the board, and any arrears or lien that a particular suite might have.
How to obtain a status certificate?
Your offer to purchase a condo should always be conditional on obtaining & having your lawyer review the status certificate. The seller will typically order the status certificate & provide it to your lawyer for review.
What info does it contain?
The status certificate includes the following info:
- the budget of the condo corporation
- the status of the reserve fund
- any special assessments that are in place
- if the corporation knows of anything that will cause your condo fees to increase
- what major repairs are planned
The status certificate is there to protect you the buyer. A careful review of this by your lawyer will avoid any unnecessary surprises for you down the road. It should be a key factor in whether you proceed with the purchase of a particular unit.
Whether you are a first time buyer or downsizing from a family home into a condo, it can be a very rewarding, fun experience. Go in with your eyes open. If you need more info on a status certificate or are beginning your search to buy a condo in the Toronto area, we would love to help. Reach out to us
here or just text me at 416.450.5900.
Looking for more info?
Get in touch and find out how we can help.
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