Condominium Purchase - Reading Status Certificate

The Status Certificate is included in the bundle of document received by the buyer of a Condominium Suite that includes the;

• Declarations
• By Laws
• Rules and Regulations
• Insurance Documents
• Financial Statements
• Status Certificate

If you are purchasing a residential Condominium, You must have a Status Certificate and the lawyer who acts for you must read it.

Most lawyers do not do so.

I know that, because I have talked to both the Law Society and the Ontario Bar Association, 

Status Certificate will reveal what your monthly maintenance fee is.

It will reveal whether the Vendor owes money to the corporation.

It will reveal if there are Special Assessments.

It will also set out your parking.

I have to check them. I have run into problems prior to closing that I have been able to resolve.

Call me

Stan Gelman

Mississauga Real Estate Law Specialist

905 270 5110