What Is A Status Certificate?
Buying a Condo? You will need to know what a Status Certificate is.
A Condo is a great real estate choice. Low maintenance, lower price point, and less headaches.
During the process of finding the unit I am sure you started to hear about the “status certificates”.
So what is a Status Certificate?
“It is a report on the current state of a condominium corporation. It is prepared by a property management company at the instruction of the condo board of directors. It offers a financial snapshot of the well-being of the building and information on those who run it.”
Status Breakdown
The main purpose of a status certificate is as follows:
- inform any prospective owner of the monthly condo fees
- future increases to those fees
- special assessments
- any arrears or liens on the property
It will also include the condo declaration, by-laws, budget, reserve fund, insurance details, management contract, rules, minutes of the last annual general meeting, and mention of any lawsuit involving the corporation.
The status certificate can be a large document and should be reviewed thoroughly by your lawyer before you purchase.
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