A status certificate is a report on the current state of a condominium corporation, prepared by the board of directors, which offers a financial snapshot of the well-being of the building and condo corporation, and information on those who run it.

When you are purchasing a condo, whether in Toronto or the GTA, obtaining the status certificate is one of the most important steps in the entire process. By reviewing the status certificate, you will be able to evaluate the financial and structural health of not only the building and its amenities, but also of the condo corporation itself.  You and your realtor should obtain a status certificate before you make an offer in an Agreement of Purchase and Sale, or during the conditional period under the Agreement of Purchase and Sale. We have advised several clients that their prospective condo purchase may not be in their best interests  based on our review of the condo status certificate.

This is what you should expect to see in a condo status certificate:

Things that you should expect, by law, to see in a condo status certificate:

Your Lawyer’s Role in Reviewing Status Certificates

Your lawyer’s role is to inform you, our client, of what the lawyer views as important legal matters within the transaction. We will not recommend that you proceed or not proceed with the transaction; we will provide you with an accurate legal perspective on the information disclosed in the status certificate.

Typically, as your lawyer, we will not review in detail the financial documents for the condo corporation; however, at RPL, we do look at the financial picture as it relates to the status of the reserve fund and any stated or potential increases in common expenses or special assessments.

We will:

At RPL, we routinely review status certificates for our clients, and prepare written reports at at 50% of our standard fee when the client closes with us.

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