Many people are unaware that a status certificate is a very important document when looking to purchase a condominium unit. The status certificate will be prepared by the condominium corporation or by the property management if they service that building. 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.
A status certificate contains information about the individual condominium unit. Among other things, the certificate would indicate if the current unit owner is in default of paying the monthly common expenses, if an increase in the common expenses has been declared by the condominium board, and the amount in the reserve fund.
At Capulli Law, we understand the importance of a status certificate and the problems that can arise if one is not ordered. It can cause issues for a potential purchaser, and can open them up to paying additional money that could have been avoided. If you are looking to purchase or sell a condominium unit, our friendly and courteous staff at Capulli Law can help. Do not hesitate to call our office at (416) 901-5968.