Just how important is the status certificate?

When buying a condo, the status certificate can be one of the most important documents you have to handle. It acts as a financial snapshot of time concerning details of the financial and legal happenings of the condominium in question. Most importantly, it will list essential details of the unit you may be intending to buy. It is important to note that this “snapshot” is only good for up to 30 days. What else do you need to know?

“This offer is conditional upon the Buyer and the Buyer’s lawyer reviewing the Status Certificate and Attachments and finding the Status Certificate and Attachments satisfactory in the Buyer’s and Buyer’s lawyer’s sole and absolute discretion.” 

The vast majority of real estate Agreements of Purchase and Sale involving condominiums will include a condition in the agreement stating that the Purchaser shall have a reasonable amount of time to obtain the applicable Status Certificate and to have it reviewed by a lawyer. This is where Endhome can step in.

When your lawyer reviews the Status Certificate, they will look to examine the reach of the condo’s common expenses. These common expenses are generally referred to as condo fees, as these funds are used for maintenance, upkeep, and insurance purposes for the developments. This part of the review will allow a potential purchaser to understand their financial obligations as well as understanding how these funds are to be used. This is also where the document can determine if the individual who is selling the unit is up to date on their common element payments. 

We here at Endhome can imagine how excited you can be toward the final closing of your purchase!

That is why when closing a purchase through Endhome, our lawyers are available to review your status certificate in under two days (48 hours). Ready to start this quick process? Click here to submit a status certificate for review today!