FACT or FICTION?

Status Certificates

A status certificate is a document for condos and condo townhouses that contains important information about a condo corporation and the specific unit. The condominium corporation must provide it when it is requested.

FACT

A unique aspect of condos and condo townhouses is a document called the status certificate. This document has important information about a condo corporation and the specific unit a buyer is interested in. It indicates the monthly fees for a unit for maintenance of common areas including building maintenance, landscaping and snow removal, and the utilities for which a buyer will be responsible for. Other details relating to parking space, locker and the financial records for the condo corporation will also be included in the status certificate.

It is important to make an offer conditional on a review of the status certificate by a real estate lawyer.

Reference: Reco's Ask Joe Column