Status Certificate

February 2, 2014 - Updated: February 2, 2014
 
Status certificate
 
This is one of the condition included in the agreement of purchase and sale of a condo.
 
A status certificate is provided by a condo corporation to a person who requests it and pays a required fee. Mostly, its the buyer who request a status certificate for the concerned condo unit. 
 
A status certificate contains information about the state of the corporation and it includes: 
 
• Reserve Funds and the financial condition of the corporation.
• If the unit that is being purchased is in default of common expense payments 
• information on any lawsuits involving the corporation 
 
Buyers should always consider making purchase offers conditional on the satisfactory review of a status certificate.  Typically, its the buyer"s lawyer who looks into these and him accordingly. 
 
 
 

Tagged with: status certificate condo buying
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