attention Condo Buyers: What is the Status Certificate and Why is it so Important?

By: Alvaro Mallarino MBA, CFA

attention Condo Buyers: What is the Status Certificate and Why is it so Important?

Tags: Toronto real estate, real estate buyers, Toronto buyers, GTA real estate, Toronto realtor, real estate Toronto, real estate investors

Unlike purchasing a house, when buying a condominium, you must review and understand the status certificate before signing an offer. Otherwise, you should include a condition in your offer that will allow you and a lawyer to examine it.
But what is a Status Certificate and why is it important?
A Status Certificate is a document issued by the property manager (the company or individual in charge of servicing the condominium corporation) to buyers of resale condominiums. Status certificates include a variety of important information regarding the unit, the building, the condominium corporation's finances, rules, and regulations as well as any planned or past construction or repairs and any potential issues that may require remediation. The status certificate will provide a snapshot of the unit and the building at the time the certificate is issued, which is also important to lenders.
The review of a Status Certificate is a requirement when you buy a condominium, but why? Among other things, the certificate will:

In addition to the above, other aspects will be included in the status certificate and should be reviewed thoroughly by a lawyer:

If you are considering purchasing a condominium, always check with your Realtor to ensure that you have reviewed and understood the status certificate of your prospective condo before submitting an offer.

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