What is a status certificate?

Mar. 11

A status certificate is a document provided to perspective buyers of a resale condo that provides current details about;

the physical and financial state of the condo corporation and the condo building
if the current owner of the condo unit is up-to-date in paying their condo fees
if the building needs major repairs
if the condo corporation is experiencing financial problems

How do you get a status certificate?

It’s requested from the condo’s property management company.

Most property management companies will have a Status Certificate Request form on their website with instructions on how to request it.

The cost of a status certificate is by law limited to $100 and it must be given to the prospective buyer within 10 days of the request.

Your real estate agent should handle this request for you.

Your lawyer should review the status certificate for you.

Once your lawyer gives you the OK, let your real estate agent know.

Thanks for reading 😄 , you have any 💬 questions, contact me

Cheers,
Kim