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 contains information regarding the condominium corporation’s operational, legal, and economic stability.
The property manager is asked to provide a condo status certificate upon request from you, your lawyer, or your realtor. The property manager is allowed up to ten days to deliver the Status Certificate to the requester. The cost is generally around $100 to $150.00.
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 bylaws and rules of the condominium corporation 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 great articles that I highly recommend you read when purchasing a condo in Ontario.
