What is a Status Certificate ?

When you purchase a resale condominium unit, you should ensure that your offer is conditional on receiving and having it reviewed by your lawyer, of a Status Certificate and the accompanying documents, as required by the Act. The certificate is the resale equivalent of a disclosure statement. It tells you the exact accounting within the condo corporation. Your lawyer must review all the material that comes with the certificate to ensure that both you and your lawyer are satisfied that both the condominium unit and the condominium corporation are suitable for you.This certificate, for which there is a fee of $100 inclusive of GST, must be delivered to you or your lawyer provided you have instructed them to within 10 days of the request for it. It discloses whether the owner of the unit you are buying is current in the payment of common expenses (maintenance fee) as well as a picture of the condominium corporation’s financial affairs. It is to be delivered with the documents, which govern the condominium corporation but are not attached. Once the list of agreements is reviewed, you or your lawyer may also wish copies of some or all of them for review. There can be an extra charge for these documents.