The Status Certificate provides basic and essential information concerning the financial status of a unit and of the condo corporation. "How much is in the reserve fund and is it sufficient for the immediate future? What did the engineering report say? How many units are rented in this buidling? Is there a claim against the current unit owner?" A Status Certificate answers all of these questions and more, it is your protection against the unknown.
When purchasing a resale condo unit, you should ensure that your offer is conditional on receiving and reviewing a Status Certificate and the accompanying documents, as required by the Ontario Condo Act. The certificate is the resale equivalent of a disclosure statement and you must review all the material that comes with the certificate to ensure that you are satisfied that both the condo unit and the condo corporation are suitable for you.
This certificate, for which there is a fee of $100 inclusive of GST, must be delivered within 10 days o the request for it. It discloses whether the owner of the unit you are buying is current in the payment of common expenses as well as a picture of the condo corporation's financial affairs. It is to be delivered with the documents, which govern the condo corporation but are not attached. Once the list of agreements is reviewed, you or your lawyer may also wish copies of some or all o them for review. There can be an extra charge for these documents