Go through it with us
Answer what you can. "Not sure" is fine; it becomes a question for your lawyer.
A condo's status certificate is a thick package of financial and legal documents, and it's where the expensive surprises hide: thin reserve funds, coming special assessments, lawsuits, rules that don't fit your life. Go through it section by section here, see the red flags at a glance, and leave with the right questions for your lawyer.
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Answer what you can. "Not sure" is fine; it becomes a question for your lawyer.
What it is, how to get one, and how to protect yourself.
A package from the condo corporation describing the unit's fees, the building's finances, legal matters, insurance and rules. Your lawyer should always review it.
The seller or buyer requests it from the condo's management. In Ontario, the corporation must provide it within 10 days, and the fee is capped by regulation.
Unless you've reviewed it before offering, include a condition for your lawyer to review the status certificate. A few business days is typical.
It pays for major repairs. If it's short of what the study recommends, the gap often comes from higher fees or a special assessment, and that could be you.
Building deductibles for water damage can be $25,000 or more. Make sure your own condo insurance covers the deductible.
A higher fee that includes heat and hydro can cost less than a low fee without them. Run the true monthly cost to compare.
We know many of the buildings we sell in by their history: fee trends, past assessments, what's coming. We'll go through the status certificate with you and your lawyer before you firm up.