What Is a Condominium Status Certificate?

Part Two in the Condo Series

A status certificate is like a disclosure statement.  It reveals important information that any condo buyer would want to know such as details about the condominium corporation’s financial status, reserve fund studies, whether or not condo fee payments are up to-date, any pending lawsuits or legal claims against the corporation or, any pending or contemplated special assessments or rule changes.

When buying a resale condominium, your offer should always include a condition upon you receiving and reviewing the Status Certificate and its attachments so you can ensure that you are satisfied that the condo is suitable for you with no surprises planned. The common practice in this area is that the buyer, often through their REALTOR®, orders and pays for the status certificate (more on that in a moment).  The Condominium Corporation, usually through their property manager, then has a maximum of 10 days to issue the documents. Most buyers ask that the package be delivered directly to their lawyer for review and comment before conditions are removed.

The Condominium Act in Ontario clearly states that there is a maximum fee of $100.00 INCLUDING taxes that can be charged so, this is what you should be paying. CAUTION:  I recently came across a situation here in Collingwood where the Property Management company attempted to charge my client $115.00.  When challenged on the legality of that, they did back down and agreed to only charge the legal fee of $100.00.  (Yes, I’m still pretty angry about their initial attempts!)

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What Is a Condominium

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About Marg

is an award-winning real estate Broker who has successfully been helping people move since 1989. When it’s time for a move in or out of a bigger, smaller, better, more expensive, less expensive, newer, older, house, condo, farm, investment property, vacant lot or business, talk to Marg.

This entry was posted by Marg on Thursday, January 26th, 2012 at 6:00 am and is filed under Buying Real Estate, Condominiums. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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