Condos are usually more affordable than a standalone building, with all modern facilities, including their luck as a swimming pool or fitness centre. The condominium is a cooperative complex, meaning by common share passage, terrace other areas with other residents. Communal interaction may not be too frequent, but the fact is you, and the apartment is just a part of the cooperative. Condos are managed by a board of directors, supervising legal, and fiscal of the complex.
Importance of Status Certificate
The boards of directors are supposed to record minutes of a meeting, other transactions and information. These documents are dispatched to members regularly; one of these is a condo status certificate. It is a vital document u/s 76 of the Ontario Condo Act, furnishing essential and necessary information regarding the financial status of individual units, and the condo corporation. It aims to provide information about forthcoming alteration, modification of fees, any special assessment pondering by the board. The document also states about any arrear or lien any particular suite subjected to.
Besides, the certificate proclaims condo declaration, by-laws, rules, minutes of the last general meeting, budget, reserve fund, insurance, management contracts, and if any ongoing lawsuit involving the condo. It provides all relevant information concerning a unit and fiscal and monetary condition of the apartment to a potential customer. It clarifies the rules, regulations of the condo, such as if the buyer is allowed pets or not, and other information. The board is bound to provide the status certificate to stakeholders. The status certificate must be published annually.
28 Eastern Condos are not only a perfect dwelling place, with a family-friendly environment and modern amenities; it is managed by a professional, experienced board of directors. If you live in this condo, you receive well crafted, informative, and relevant status certificate within the stipulated time. The certificate explicitly announces any special assessment or a significant increase in fees even against reserve fund to a potential buyer. If the essential, necessary information is not provided in the certificate, it is deemed to void.
Hypothetically, any individual can obtain the certificate. However, each unit’s certificate differs as the document states any due, arrear or changes inclusive of the laws and by-laws. In practice potential buyers, owner selling the unit, or their representatives like a bank, attorney, or real estate agents are entitled to receive the certificate. In place of the specified fee, you can receive the status certificate within ten days from the day of application.