A status certificate gives a buyer important information about a resale condo unit and the condominium corporation. It helps you look beyond the suite and understand the building you would be joining.
What information does it contain?
The package includes governing documents, financial information and details about the unit’s common expenses. It also provides information about the reserve fund and whether the unit has unpaid condo fees.
What should I do with it?
Arrange for your real estate lawyer to review the certificate and accompanying documents. Ask them to explain the findings and how they affect your purchase. If your offer includes a review condition, agree on enough time for that review before you commit.
Start the conversation early
When you find a condo you like, ask whether a current certificate is available and discuss the review process with your broker and lawyer. A listing description or a conversation in the lobby cannot replace the documents.
Our role is to help you ask the right questions and coordinate the next steps. Your lawyer provides the legal review.
Source: Condominium Authority of Ontario: Status Certificates.