CONDOMINIUM STATUS CERTIFICATE
If you are purchasing a condominium apartment, please ensure that your Agreement of Purchase and sale is conditional upon the Vendor providing you with the Condominium Status Certificate and condominium documents pertaining to your particular unit, and your solicitor reviewing the condominium documents.
The Condominium Status Certificate sets out specific information, including but not limited to, the amount of the monthly common expenses, if the Vendor is in arrears, if an increase in the monthly common expenses is being contemplated, if any major work is to be done to the building, the amount of the reserve fund, if there are any claims or court actions outstanding or pending against the Condominium, all of which may cause the Condominium Corporation to increase your monthly common expenses or levy a special assessment to all of the unit owners in the near future.
In the event the condominium status certificate, condominium financial statements or condominium by-laws indicate a potential increase in your monthly common expenses, or any other restrictions in the by-laws, such as no pets allowed, then you can decide whether or not you wish to proceed with your purchase of the unit because you included a conditional clause in the agreement of purchase and sale to enable you, the Purchaser, and your solicitor to review the said status certificate.
