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We perform Condo Status Certificate Reviews for the purpose of verifying the state of your newly purchased unit with the building’s board of directors to ensure you are making a fully informed decision.
The first step is to request the condo status certificate from the condo corporation or property management company.
Once the status certificate is obtained, we will review it in detail, looking for any issues or concerns that may affect the client's interest in the property.
We will identify any potential issues or concerns that may affect the client's interest in the property, such as outstanding debts, legal disputes, or upcoming repairs or renovations.
Based on the review of the status certificate, we will advise the client on any potential risks or concerns and provide recommendations on how to proceed.
If there are any issues or concerns with the status certificate, we may negotiate with the seller or their lawyer to address them or request further information.
Once any issues or concerns are addressed and the client is satisfied with the status certificate, we will facilitate the closing of the transaction and ensure that all legal requirements are met.
After the transaction is complete, we may follow up with the client to ensure that all parties are satisfied with the outcome and to address any outstanding issues or concerns.
A condo status certificate is a legal document that provides important information about a condo corporation, including financial statements, budget information, and details about any legal disputes or outstanding debts.
A condo status certificate is important because it provides valuable information that can help a buyer make an informed decision about purchasing a condo. It can also help identify any potential issues or concerns that may affect the buyer's interest in the property.
Typically, only the buyer's lawyer or real estate agent can request a condo status certificate on behalf of the buyer.
The time it takes to obtain a condo status certificate can vary, but it usually takes between 5 to 10 business days.
When reviewing a condo status certificate, it's important to look for any potential issues or concerns, such as outstanding debts, legal disputes, or upcoming repairs or renovations. It's also important to review the financial statements and budget information to ensure the condo corporation is in good financial standing.
Yes, you can negotiate with the seller or their lawyer if there are any issues or concerns with the condo status certificate. Your lawyer can help you determine what issues can be negotiated and how to proceed.
While it's not legally required to have a lawyer review a condo status certificate, it's highly recommended. A lawyer can provide valuable legal advice and help identify any potential issues or concerns that may affect your interest in the property.
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Suite 255-1099 Kingston Rd,
Pickering, ON L1V 1B5
Monday – Friday
9 am to 5 pm
