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BUYING A CONDO; Importance of Status Certificate | Markos Vatavalis

With a surge of demand in the condo market due to affordability and a seemingly endless development of new condominium projects dotting the Toronto skyline, it is without a doubt that condominiums are becoming increasingly popular. When submitting an offer on a condominium property, there are a few factors to keep in mind. With your offer, it is important to request a status certificate. This is certainly the most important document in any condominium deal. 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!