The Rundown on Status Certificates for Condominium Purchases

It doesn't matter if you are purchasing a condo in Kitchener - Waterloo or anywhere else in Ontario, your lawyer will want the most recent Status Certificate from the condominium corporation.

In fact, there will be a package with the status certificate, meeting minutes from the most recent AGM (Annual General Meeting), the corporation's insurance certificate and the condo rules and regulations.

I advise all my clients to read the rules and regulations to be aware of what is and what is not allowed in the condomimium.  For example, many condo rules prohibit or restrict what can be put on a balcony or what types of window coverings can be used.

However, the Status Certificate is probably the most important document in the package.

This outlines the financial position of the condominium cororation, the budget, it details any types of special assessments that may be levied as well as any pending court actions or lawsuits that are outstanding.

Every offer to purchase should ALWAYS have a condition that allows the buyers and their lawyer sufficient time to review and determine if the information is satisfactory or not.

This charge for the Status Certificate is preset at $100 and is usually paid for by the buyer, but not always.

Here is the link to the actual Condominium Act http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_98c19_e.htm.

If you are considering a condo purchase or sale please feel free to contact me for more information....an informed decision in a real estate transaction is usually the correct decision!