A status certificate is a document provided by the condominium corporation to buyers of resale condos that provides a snapshot of the unit as at the date that the certificate is issues. In most cases, if the building is serviced by a property management company, it is prepared by the property manager. The certificate must be given to the prospective buyer within 10 days of the date of the request, and the Condominium Act allows for a $100 fee to be charged for the status certificate.
A status certificate contains pertinent information about the individual condominium unit. Among other things, the certificate would indicate if the current unit owner is in default of paying the monthly common expenses if an increase in the common expenses has been declared by the condominium board, an the amount in the reserve fund. Information that needs to be included in the certificate is specified in the Act.
A status certificate contains pertinent information about the individual condominium unit. Among other things, the certificate would indicate if the current unit owner is in default of paying the monthly common expenses if an increase in the common expenses has been declared by the condominium board, an the amount in the reserve fund. Information that needs to be included in the certificate is specified in the Act.
