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

Condominium Law and Status Certificates

It is absolutely essential that the Purchaser of a condominium unit obtain from the Vendor a Status Certificate that is not more than 30 days old. The Purchaser's mortgage company will demand a status certificate as a condition of funding your mortgage for the purchase.

What is a Status Certificate?

It is a document from the Condominium Corporation dealing with the unit that you are buying. Your Lawyer Must review it. The status certificate will set out what the legal description of your property is including lockers and parking. What the amount of your monthly maintenance is, whether or not the condominium corporation is being sued and also whether or not there are special monetary assessments in addition to your monthly maintenance payment.

I have learned recently that many lawyers do not read the status certificates and indeed there are lawyers in front of the Law Society's discipline committee for failure to read status certificates and avoid problems that should have been caught before closing.

I stress I always read that status certificate.

You do not want to find out after you have moved in that have ot pay more money to the condominium corporation than you agreed to in your Agreement of Purchase and Sale.

Or that you own the wrong unit. Or that you do not have vehicle parking or a locker that you thought you had. I can help you avoid these problems. I read the Status Certificates.

Call me at 905 270 5110 Stan Gelman Lawyer http://WiseLawyer.ca