Buying a condominium property differs from buying a freehold property in a sense that you are buying into an existing condominium corporation and under this corporation will have distinct rights and responsibilities. A condominium corporation is and as a condo owner, you’re essentially a shareholder in the building’s corporation which your condominium unit is located in.
The status certificate shows the “DNA” of the unit and tells potential buyers important information such as determining if the parking spot and locker are owned or simply exclusive use, how much money is in the condo reserve fund (A fund thats contributed to the condominium corporation used to make major repairs on the building), and other general information including if the building allows pets, pool hours, etc. It is important to note that having this information prior to purchasing a condominium unit will help the buyer avoid adopting unwanted and unanticipated costs and liabilities. Keep this in mind for your new condominium purchase and make sure to ask your real estate professional to include a status certificate clause for your lawyer to review before agreeing to buy any condominium property!