What is a status certificate?

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One of the common questions is What is a status certificate? That is why we would like to talk about it in this post. A status certificate is a document provided by the condominium corporation to buyers. In most cases, it provides by the property manager. Generally speaking, A status certificate contains pertinent information about the individual condominium unit.

Among other things, it would indicate if the current unit owner is in default of paying the monthly common expenses. Also, it contains:

  • the names and addresses of directors and officers of the corporation
  • information regarding common expenses for the unit
  • management contract
  • insurance
  • copies of the condominium declaration, by-laws, and rules
  • a current budget for the condominium corporation, etc

Why should we get this information? This document will give prospective buyers details of the financial and legal circumstances. In addition, it is an important document for those lending money to finance the condominium unit. If you are selling your real estate such as office o commercial real estate. We are here to help you through your deal. Our team is experienced agents who would help you list your property for sale. So, if you need our help with your listing, please reply!

Additionally, each real estate and agreement needs a different document. Our job is making your way easy to have a deal. We are working in Commercial and Residential Real Estates, and are more than happy to help you.

BABAK MEHRABI

Real Estate Salesperson

https://www.reco.on.ca/

 

 

 

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4 thoughts on “What is a status certificate?”

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