02 Apr 2017

5 Things To Remember When Reviewing A Condo Status Certificate

As the market continues to grow in value, more and more people are looking to condominiums as a purchase option. When buying a condo the status certificate is a crucial document outlining rules and details of your purchase. 

Here are five main things to look for on your status certificate when going over it.

Identify the Condo Corporation number:
Condos are registered in order of development starting about 50 years ago with about 2700 corporations. If your building is 2400 it is likely 2-3 years old. If it's 1500 it would be around 12-15. This information can be used to give you an idea of how old the building, and all its major expenses.

Identify the Property Manager:
Look for a property manager that the condo board is familiar with to ensure confidence that the property will be maintained and any advice and information provided by the property manager is correct.

Check if the reserve fund matches the reserve fund study:
A reserve fund study is a process in which the systems and physical properties of the condo complex are examined and assigned a future date for replacement, or non-routine repair, and estimated costs at that projected time.
This study should be updated every 3 years and should be similar to the amount that was projected in the study before. This information is important because the way the building management deals with their funds also reflects how much your maintenance fees will be.

Pets and Parking:
Make sure you fully understand the rules on whether pets are permitted and/or if there are certain restrictions on pets in the building. Also try to view the parking and locker BEFORE signing anything so that you see where it is, and the size, to make sure it suits your needs.

Air BnB:
If you are looking to use your unit for an Air BnB unit make sure you look into the rules on the status certificate to see if it is permitted. More and more buildings are attempting to put a stop to allowing condo units for this purpose.

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