The Status Certificate

The Status Certificate is a document that can be requested by all--realtors, appraisers, buyers and sellers—in the purchase of a condominium (apartment or townhouse). It is prepared by the Corporation/ Management Office. There is a fee of $100 and it will take 10 days to prepare. This certificate will accompany all the usual documents, including: the declaration, by-laws, budget, reserve fund, financial statements, rules, insurance certificate and now a statement with the report on the number of units in the complex that management is aware are leased units (as opposed to owner-occupied units). This information might be a new factor to consider for some buyers.

Sellers should become acquainted with the contents of the Status Certificate as understanding the product being sold is important. Please pay particular attention to “Special Assessments” that should be disclosed on the listing information or written down on the actual Agreement of Purchase and Sale.