Wednesdays at Home Love – “Status Certificates”
This week on Wednesdays at Home Love we are delving into Status Certificates, and why they are so important when you are purchasing a Condo. This is a Condo must. It ensures that the prospective owner knows the fees associated with the Condo, any impending increases, and any problems a particular unit or suite may have, among other things.
Here is an excerpt from a great article, from condoinformation.ca giving a bit more information on Owner rights, and what is expected from the Condo board and the Management Company.
“Why Is a Status Certificate so Important?
The status certificate is a document, as per Section 76 of the Ontario Condo Act, that provides basic and essential information concerning the financial status of a unit and of the condo corporation… In addition, it contains the condo declaration, by-laws, budget, reserve fund, insurance, management contract, rules, minutes of the last annual general meeting, and mention of any lawsuit involving the corporation…
The purpose of status certificates is to allow potential buyers of condo units to have as much information as possible about their unit as well as the physical and fiscal situation of a building. Certificates also allow prospective owners to find out what the rules are, including whether pets are allowed… Status certificates are ultimately boards’ responsibility…”
To read the full article, or for other free Condo resources, please click here.
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