When people think of a condominium status certificate, they believe it concerns the amount of money in the reserve fund. The myth that has grown around this is that a condo corporation with a large sum of money is in better shape than a condominium with a much smaller sum.
When buying a condo, a status certificate provides information on the condominium corporation’s operational, legal, and financial stability.
The property manager is asked to provide a condo status certificate upon request from you, your lawyer, or your realtor. The property manager has up to 10 days to deliver the Status Certificate to the requester. The cost is generally $100 to $ 150.
When I list a condo for sale, I pre-order and pay for a status report.
The condo owner and I are aware of any issues or warning signs.
I can answer buyers’ questions accurately.
I speed up the offer by providing the status report to the other Realtor and their lawyer.
The condominium corporation's bylaws and rules most directly affect owners’ enjoyment. The bylaws explain to owners how a building, townhouse, or townhome is run on a general level.
The Condominium Authority of Ontario has excellent articles that I highly recommend you read when purchasing a condo in Ontario.
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