What is Status Certificate?
Wednesday Jun 23rd, 2021Share
Today we talk about Status Certificate.
A Status Certificate is a document which includes Statement of Common Expenses, Special Assessment, Current Declaration, by-laws and Rules, Recent Reserve Fund Study, Outstanding judgements and status of all legal actions, as well as Current Budget and recent Audited Statement & Reports.
When you purchase a Resale Condominium unit, your buyer’s agent would request a copy of Status Certificate in the offer.
If the offer was accepted by the owner, the owner would apply for a Status Certificate at the owner’s expense.
The fee of having a Status Certificate is $100 including GST.
The condominium Management must deliver it to the unit owners within 10 days and the owner would pass it to you through the agents.
After reviewing the Status Certificate by you and your lawyer, either you are satisfied or not, with the Status Certificate and choose to buy or not to buy.
If you are successful to close the transaction, a New Owner Information Certificate will be sent to you within 30 days after you provide the Management a written notice stating your names and the unit number plus a copy of the offer.
The New Owner Information Certificate would cover the most recent PIC and any subsequent ICUs.
You may ask…Simon, what does it meant by PIC and ICU.
PIC is a Periodic Information Certificate which will be sent to the existing owners twice per fiscal year.
It includes number of leased units, insurance deductible, Corporation Surplus or deficit, budget, Reserve Fund and any current legal proceedings.
ICU is Information Certificate Update which will also be sent to the existing owners for certain Key Changes before the next scheduled PIC.
This video is one of four videos in this series.
If you have any questions about today’s topic, please contact me by phone 416-399-9981 or email to me firstname.lastname@example.org.Thank you.