A status certificate is a document that a condominium corporation provides to prospective buyers of a resale condo which gives them a summary of the unit and building as of that particular date. It includes information such as:
- Reserve fund information (amount, most recent study, future plans for the fund)
- Current budget for condo corporation
- Minutes of last general meeting
- Names of directors and officers of the condo corporation
- Management contract
- Insurance details
- Specifics for unit common expenses
- Any special assessments in existence
- Any legal issues that may be taking place
What many people don’t know is that status certificates must be provided to prospective buyers within 10 days of the date of request, and that condo corporations may charge a $100 fee for such certificate, as outlined in the Condominium Act, 1998. This document is critical for prospective purchasers, and it gives them a legal and financial snapshot of the unit and building they are buying into. Your real estate lawyer will review the certificate thoroughly and provide you with feedback on the findings.
If you are buying a condo in Toronto, status certificates can and will help you make an informed decision when on your real estate investment. A good real estate professional (like us!) will help guide you through all the steps of the buying process. We can help. Call us today. 416-222-0025
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