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How Important Is A Status Certificate?

Blog by Matthew & Robert Johnston | November 23rd, 2015


The short answer . . . VERY!

Condo ownership has some unique characteristics and you should know about these before you buy. For example, some condos are "adult only" while others are more family=friendly. Some restrict or limit your right to have pets, barbecue on your balcony, have patio furniture or even dictate what types of window coverings and flooring you can have. It's important to find out what the rules are before you fall in love with the condo of your dreams.

Another important aspect of condo ownership is the status certificate. This is a document that contain's the corporation's declaration, by-laws and rules enforced by the condo board. It also outlines the monthly fees for upkeep of the common areas and whether or not you, or they, own your parking space or storage locker. Most importantly perhaps, it contains the financial records for the condo corporation. This is important because if there is insufficient cash in the reserve fund to cover costly repairs,  your condo fees could increase or you could face a special assessment.

It is always a good idea to have your lawyer review the status certificate prior to purchasing a condo to ensure that all is in order. It is the realtor's job to ensure that any offer made on a condo is conditional upon the lawyer's review of the document.

Trust us to have your best interests at heart. Contact us today and rest assured the sale or purchase of your condo will be a smooth one!