A Status Certificate provides information on the financial status of a condo building. A Status Certificate will often contain information such as the amount of the reserve fund and monthly maintenance fees. It gives you a general overview of the financial health of a building. Think of it as a resale equivalent of a disclosure statement. Anything about the building needs to be disclosed.
Before you purchase a resale condo unit, you should ensure that your offer is conditional on receiving and reviewing the building's Status Certificate and accompanying documents. Give yourself enough time to have the Certificate reviewed by a lawyer.
The certificate must be delivered by the condominium corporation within 10 days (about 1 and a half weeks) of the request for it and is usually accompanied by a fee of no more than $100. If you are working with a Realtor, they will usually be the ones to request the document. Often in a sellers' market where bidding wars are common, the seller’s Realtor will already have it available upon request.
