Status Certificate - Sellers & Buyers need to understand

Check the status certificate before buying or selling a condominium 

When buying or selling a re-sale condominium, the most important document in the deal is the status certificate. It answers important questions that matter to most buyers, such as:

·         Do I own the parking or locker unit?

·         Are pets permitted in the building?

·         When is the pool open for swimming?

·         How much money is in the reserve fund to look after future repairs?

·         Are there any special assessments being charged because there is not enough money to pay for needed repairs right now?

·         Is anyone suing the condominium and is there enough insurance to pay for it? For example, someone slipped on the ice that was not properly cleared

·         Who is the property manager, providing guidance to the board of directors?

Most condominium deals are conditional upon the buyer's lawyer being satisfied after reviewing all of the condominium documents, including the status certificate, the declaration, by laws, rules, most recent budget and reserve fund study completed by the condominium corporation. Even though lawyers are not accountants or engineers, they are asked to provide an opinion to the buyers as to the financial well being of the building.

Status Certificate cost: approximately $100 - $200

I will order the status certificate for my clients and deliver it to your lawyer!

for more information: pkatz@sutton.com

Patricia

Office/Pager: 416-966-0300

Cell: 416-879-2094

"when you call me, you speak to me"

Sutton Group-Associates Realty Inc., Brokerage

358 Davenport Rd.,

"Designers Walk"

Toronto, ON