A Status Certificate is an important document for purchasers of resale condos containing information about a specific completed condo unit and the condo corporation to which it belongs. Any person can request a Status Certificate for a unit from a condo corporation. A condo corporation can charge up to $100 (including all applicable taxes) for the Status Certificate. The condo corporation must provide the Status Certificate within 10 days of receipt of the request and payment for it.
Status Certificates are particularly important for prospective buyers of resale units because they contain important information, such as:
• A copy of the condo corporation’s current declaration, by-laws, and rules.
• A copy of the budget for the current fiscal year, the last annual audited financial
statements and the auditor’s report.
• A statement of the most recent reserve fund study.
• A statement of the common expenses for the unit and whether the unit is in arrears of payment.
• If the common expenses for the unit have increased since the current year’s budget was prepared, a statement of the increase and the reason.
• If an assessment has been charged against the unit since the current year’s budget was prepared, a statement of the assessment and the reason.
• The address for service for the condo corporation (e.g., the address where the condo
corporation receives mail).
• The names and addresses for service for the directors and officers of the condo
corporation.
• A certificate of insurance for each of the current insurance policies.
• Information about certain legal issues that may affect the condo corporation (e.g.,
whether there are outstanding legal judgments against the condo corporation, or if the
condo corporation is involved in any ongoing litigation).
You can also access key information on any condo corporation in the province through the CAO’s Public Registry. You may wish to consider speaking to a legal and/or real estate professional when considering purchasing a resale condo and before signing any documents.