A Condo Status Certificate is a document that reports the current status of a condo unit and the condominium corporation as of the date the certificate was issued. If you plan on purchasing a resale condominium, always make sure that your Agreement of Purchase and Sale is conditional upon the review of the Condo Status Certificate.
Aside from the inclusion of general things like information on common expenses for the unit, the management contract, insurance, whether any major work needs to be done on the building, and information on the condo’s reserve fund (the amount in the reserve fund and any plans to increase it), the Status Certificate must also include the mention of any legal issues that have the potential to affect the condo unit. Examples of this include things like any current or ongoing judgments against the condominium corporation. This is essential information because any claims against the corporation could result in a significant increase to your overall monthly common expenses.
Since the language within a Status Certificate can be complicated and difficult to understand, a real estate lawyer can assist you in making sense of the document and ensuring that you are protected in moving forward with your real estate transaction. Jay Teichman has over 35 years of real estate law experience in Toronto, and over 10,000 successful real estate transactions. Whether you are purchasing a brand new or a resale condominium unit, it is crucial that you enlist the help of an experienced real estate lawyer to ensure your transaction is completed smoothly and successfully.