Condos and status certificate

04 Nov Condos and status certificate

Transcript:

Hi guys, I can’t stress enough on the importance of having your lawyer review the status certificate when buying a condo. Upon acceptance of the offer, the seller orders the status certificates through the condo corp, and then it’s forwarded to the buyer’s lawyer. Condominium corporation puts together this status certificate and it contains details like the legal description, parking spots, and locker spaces that go with the unit. It also documents details like condo corps operating budget, reserve funds, proposed special assessments, any unpaid condo fees and other charges by the current unit owner. Lawyers prefer having this status certificate no more than 30 days old, and for good reason, as things can change over time. So please make sure your offer is conditional upon review of the status certificate. You take care and talk soon.