Importance of status certificate for condos

Transcript:

Status certificate is an important document for condominium properties as it provides valuable information about the unit and the condominium corporation to prospective buyers and current owners. This document outlines the details about parking space(s) and locker(s), which is important to have as in some instances these might not be registered on title and hence are not owned but exclusive use. It further outlines the current monthly common expenses, if the owner is in default or they are up-to-date with no outstanding balance.This document will also provide details about financial stability of the condo corporation, including any outstanding debts, fees, reserves, and if there any ongoing or upcoming repairs or renovations which could lead to increase in common expenses by the way of special assessment. Lastly, the status certificate will disclose any judgements, legal disputes, or claims against the condo corporation. Overall, a status certificate is a crucial document as it provides transparency and clarity, which is essential for making informed decisions and protecting one’s investment.