Recently, we’ve been taking a look deeper into offer conditions. You’ve already read about the financing condition and home inspection condition, now it’s time to look at the review of a condo corporation status certificate condition.
A status certificate has all important information about the unit including:
Having this knowledge will help indicate if your monthly fees are looking to increase in the future. It will also indicate your future resale of the unit. For example, if a corporation has too many lawsuits against it, this may scare away prospective buyers.
The status certificate will also tell you how many units are rented vs. owned, what their pet policies are and any other policies that the corporation may have.
In a traditional offer situation, the offer to buy a condo would have a condition that the buyer’s lawyer has up to 3 business days to review the status certificate once it is received. At that time, the lawyers will help you decide if this condo is the right one for you.
In today’s market, however, many units have an offer date in which the seller is expecting multiple bids. In this case, often the status certificate has already been purchased and available for your lawyer to review before putting in an offer.