If you are interested in buying a condo in Toronto as a first time home buyer or a real estate investor, then you have likely heard the term “status certificate”. So just what is this certificate, exactly?
A status certificate is a document that a condominium corporation provides to prospective buyers of a resale condo which gives them a summary of the unit and building as of that particular date. It includes information such as:
- Reserve fund information (amount, most recent study, future plans for the fund)
- Current budget for condo corporation
- Minutes of last general meeting
- Names of directors and officers of the condo corporation
- Management contract
- Insurance details
- Specifics for unit common expenses
- Any special assessments in existence
- Any legal issues that may be taking place
What many people don’t know is that status certificates must be provided to prospective buyers within 10 days of the date of request, and that condo corporations may charge a $100 fee for such certificate, as outlined in the Condominium Act, 1998. This document is critical for prospective purchasers, and it gives them a legal and financial snapshot of the unit and building they are buying into. Your real estate lawyer will review the certificate thoroughly and provide you with feedback on the findings.
If you are buying a condo in Toronto, status certificates can and will help you make an informed decision when on your real estate investment. A good real estate professional (like us!) will help guide you through all the steps of the buying process. We can help. Call us today. 416-222-0025
Interested in buying real estate in Toronto & the GTA, or perhaps investing in Toronto real estate? First time home buyer? Moving to Toronto? Are you part of a Toronto relocation with your employer? Our real estate sister company – MAC Real Estate Services Inc., Brokerage – can help you with all steps of the process, from finding a new home, temporary accommodations in the meantime, destination services, settling in services, move management, and so much more. So many steps of the move can be handled in advance, so when you arrive we can get you settled much faster. When moving to Toronto, we can help with all aspects of the relocation.
We’d love to hear from you, so call us today to book your complimentary private consultation.
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