HELPING POTENTIAL CONDO BUYERS MAKE INFORMED DECISIONS
Because so many aspects of condominium living are outside the individual unit owner’s control, the purchaser of condo units must be given complete information in order to make the appropriate buying decision.
In Ontario, Condominium Corporations issue a STATUS CERTIFICATE; in Alberta an INFORMATION STATEMENT (which usually includes the ESTOPPEL) and in British Columbia, potential new strata owners need an INFORMATION CERTIFICATE.
Although they may be called by different names and the specifics included in condo papers vary slightly based on the provincial Condominium Acts, they all essentially provide reliable information about the status of the property, corporation and individual unit including financial statements, budgets, reserve fund study, insurance the condo plan/declaration and much more. Paired with the bylaws and rules the corporation have put into effect, the potential buyer can perform their due diligence and make an informed decision if it is a sound investment.
Did you know if monthly contributions are not up-to-date, the amount belongs to the unit, not the previous owner and a buyer would be responsible to pay the amount owed?
Larlyn makes it easy to order the condominium information papers you or your lawyer need. Simply click on the “Documents and Certificates” Button at the top of our website then select the appropriate province. Instructions for both ordering online or via a written request with necessary order forms are provided.
As these are legal documents carrying liability of ensuring the information provided is accurate, there are fees associated. Please be sure to leave at least 10 days for the current information to be prepared or you will be required to pay a rush charge allowing for staff to readjust priorities to accommodate your request.
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