Purchasing a Condominium and the Status Certificate
If you are considering purchasing a condominium, you will no doubt have heard about status certificates. These are documents which are provided by the condominium corporation you are buying into, which outline a number of things about the condo and the building. Ontario law dictates fairly strictly what needs to be included in the package of information that accompanies the certificate. The purpose of this is to allow you and your lawyer some time to have a look at the operations of the condo corp, the financials, the specific condo unit and any issues pertaining to unpaid condo fees, damages, etc. It will also disclose whether the unit you are thinking about buying has a locker or parking space and it will disclose how the condo fees are arrived at for your unit.
There is a lot to a package like this. Most real estate lawyers will review this package for specific issues which might impact your decision on whether to purchase. This is typically part of the work that a lawyer does on a condominium purchase file. But it also makes sense to have a look yourself, especially at the summary of information that is contained in the first few pages. Working together with your lawyer and real estate agent, you want to do everything you can to ensure that you are getting what you think you are getting. The status certificate is an important tool in the arsenal of your real estate team.
Joanne McPhail, Co-Managing Partner