What Is a Status Certificate?

Status Certificate Defined

A status certificate is a package of documents from a condo corporation that tells you the real financial and legal health of the building before you buy. If you are buying a condo in Whitby, Ajax, Pickering, or anywhere in Durham Region, your lawyer needs to review this before your conditional offer firms up.

Inside you will find the reserve fund study (how much money is set aside for big repairs like roofs and elevators), the current budget, any legal proceedings the corporation is involved in, and the condo bylaws and rules. You will also see whether there are any special assessments coming, which is basically a bill to all owners to cover a shortfall.

A healthy reserve fund and no pending litigation is a good sign. A status certificate stuffed with legal actions or a reserve fund that looks thin compared to the building's age is worth a second look, not necessarily a dealbreaker, but something to price into your offer or walk away from with eyes open.

The cost of a status certificate can run from $100 - $200 depending on if it's a rush order. We (David and Sarah Team) cover that cost for you every time.

Always have a real estate lawyer read the full document. It usually runs 100 plus pages and the important details are buried in the financials, not the summary page.

Looking to purchase a condo or condo townhome? Text us the word 'CONDO' to 647-529-8438 and we will send you a booking link for a quick call.