Knowing What To Look For In A Status Certificate For A Condo Unit
If you are considering purchasing a resale condominium your agreement of purchase and sale should always be conditional upon the seller providing you with an up to date status certificate. It’s important to have the legal team of Blackburn Lawyers review it before your transaction is a firm deal.
The status certificate is prepared by the Condominium Corporation and provides you with a considerable amount of information that you need to be aware of before deciding to go ahead with your purchase. Based in Richmond Hill, Ontario, our team will address any discrepancies or issues that arise within the certificate.
Some of the vital information you will receive from this document includes:
- If the seller is up to date with the payment of the common expenses as well as the current amount being charged.
- How much money is in the reserve fund; a copy of a summary of the most recent reserve fund study.
- Budget information, recent financial statements and a copy of the condominiums insurance binder.
- A copy of the condominium documents; including the Declaration, By Laws and Rules such as whether pets are permitted.
- How many units have provided notice that they have rented their condominium to tenants. It will also confirm whether permission was given to do any work affecting the common elements relating to your unit.
Normally the seller pays for this document. The cost is $100.00 and it provides a wealth of information you must consider before deciding to buy.