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? Because so many aspects of condominium living are outside the individual unit owner’s control, the purchaser of condo units must obtain complete information in order to make the appropriate buying decision. That’s why condominium corporations are required to issue status certificates, in Ontario, and Information Certificates or Statements in the western provinces of Canada and made available to potential buyers.
Provincial Variations of Condo Papers
- In Ontario, Condominium Corporations issue a STATUS CERTIFICATE
- In Alberta an INFORMATION STATEMENT (which usually includes the ESTOPPEL)
- In British Columbia, potential new strata owners need an INFORMATION CERTIFICATE
What is a Status or Information Certificate?
A status or information certificate provides prospective buyers information about the condo unit so that they can make informed decisions. 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, condo corporation and individual unit.
What’s Included in a Status Certificate?
A status certificate includes information on:
- Financial statements
- Budgets
- Reserve fund studies
- Insurance coverage
- The condo plan/declaration
- And other relevant documentation such as arrears
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.
Streamline Your Condo Information Requests with Larlyn
Larlyn Property Management makes it easy to order the condominium information papers you or your lawyer need. We provide 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 re-adjust priorities to accommodate your request.
To learn more about how we can help, contact us!
