Why Are Status Certificates Important?
Status Certificates are reports prepared by the condominium corp. which offers a financial snap-shot of the well being of the building.
? Provides information on how the building is being managed & pending lawsuits.
? Status Certificate is a part of a package that also includes condominium declaration, ( the rules & by-laws) copy of the insurance certificate, financial statements and summary of the most recent reserve fund summary.
? The financials outline expenditures, receipts and abs the current year’s budget.
? The reserve fund is commissioned every 3 years and determines what major repairs need to be done, the timeline and whether or not there are sufficient funds to cover these costs.
Status certificates are usually ordered by the sellers realtor.
If you’re a buyer wishing to purchase a condo or townhome, make sure your offer is conditional pending a review by your lawyer.
This ensures all the information about the building is known upfront, avoiding any surprises down the line.orem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Egestas pretium aenean pharetra magna. Condimentum id venenatis a condimentum vitae. Purus viverra accumsan in nisl nisi scelerisque. Arcu risus quis varius quam quisque id. Penatibus et magnis dis parturient montes nascetur ridiculus. Nulla pellentesque dignissim enim sit amet venenatis urna cursus. Aliquam sem et tortor consequat.