Status Certificates - A status certificate is an important document for purchasers of resale condos containing information about a specific completed condo unit and the condo corporation to which it belongs. It's essentially a snapshot of the health of the condominium as of the day requested. Any person can request a status certificate for a unit from a condo corporation. There is a fee of $100 (including all applicable taxes) for the status certificate payable in advance. The condo corporation must provide the status certificate within 10 days of receipt of the request and payment for it. Status certificates are particularly important for prospective buyers of resale units because they contain important information, such as:
• A copy of the condo corporation’s current declaration, by-laws, and rules.
• A copy of the budget for the current fiscal year, the last annual audited financial statements and the auditor’s report.
• A statement of the most recent reserve fund study.
• A statement of the common expenses for the unit and whether the unit is in arrears of payment.
• If the common expenses for the unit have increased since the current year’s budget was prepared, a statement of the increase and the reason.
• If an assessment has been charged against the unit since the current year’s budget was prepared, a statement of the assessment and the reason.
• The address for service for the condo corporation (e.g., the address where the condo corporation receives mail).
• The names and addresses for service for the directors and officers of the condo corporation.
• A certificate of insurance for each of the current insurance policies.
• Information about certain legal issues that may affect the condo corporation (e.g., whether there are outstanding legal judgments against the condo corporation, or if the condo corporation is involved in any ongoing litigation).
• A copy of the condo corporation’s current declaration, by-laws, and rules.
• A copy of the budget for the current fiscal year, the last annual audited financial statements and the auditor’s report.
• A statement of the most recent reserve fund study.
• A statement of the common expenses for the unit and whether the unit is in arrears of payment.
• If the common expenses for the unit have increased since the current year’s budget was prepared, a statement of the increase and the reason.
• If an assessment has been charged against the unit since the current year’s budget was prepared, a statement of the assessment and the reason.
• The address for service for the condo corporation (e.g., the address where the condo corporation receives mail).
• The names and addresses for service for the directors and officers of the condo corporation.
• A certificate of insurance for each of the current insurance policies.
• Information about certain legal issues that may affect the condo corporation (e.g., whether there are outstanding legal judgments against the condo corporation, or if the condo corporation is involved in any ongoing litigation).
Commercial and Residential Property Management
RMSCO Management Service
16775 Yonge St. Unit 307 Newmarket, ON, L3Y 8J4 Phone: 905-836-6078 Frequently Asked Questions |
Located in Newmarket, serving York Region and surrounding area.
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