Status Certificate

When you buy a condo you are buying into an operating business.  How do you know what is involved?  Because this is such an important issue, condo management is required to produce a Status Certificate.  The cost to the buyer is $100, and the condo manager is to provide the Certificate within 10 days, which is for that particular unit, upon the date of closing.  Any offer on a resale condo should include a condition that the Satus Certificate is acceptable to the buyer and his lawyer.  Included  in the Status Certificate are the Declaration, Description and Bylaws of the condominium development that were drawn up when the condo plan was created, and the Rules that the condo corporation has passed.  Also included are insurance details, budget, contracts, current legal matters, special assessments if any, and important information like what portion of the budget is each unit required to pay, and what is covered by the fees, for example, who pays for replacement doors and windows. Another important matter is the Reserve Fund Study. This estimates the life expectancy of a component, the costs in the future of repair or replacment, and the adequacy of the amount contributed to the reserve trust account to cover these future costs. Condo buyers should review this document, and have their lawyer do the same to ensure the suitability of the purchase.

Coral Robinson, Broker, RE/MAX four season realty Collingwood, Thornbury, Blue Mountain

Coral Robinson B.A., Broker

RE/MAX four seasons realty limited, Brokerage
67 First St., Collingwood, Ontario, L9Y 1A2

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