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Condominium Buyers
When buying a condominium unit, you will want to know the state of affairs of the condo corporation before you become obligated to purchase. Any offer to purchase a condo unit should contain a clause making the offer conditional on you being provided with and being satisfied with the contents of a current Status Certificate for the condo unit and accompanying documents. A Status Certificate (formerly known as an Estoppel Certificate) costs $100.00. The condo corporation has 10 days in which to prepare the Status Certificate after it is ordered. Although the sellers or their agent commonly order and pay for the Status Certificate, you are entitled at law to rely on its contents.
Among other things, the Certificate discloses the following pertinent information:
Information in a Status Certificate:
Together with the Status Certificate, you will likely receive copies of the following documents, each of which should be thoroughly reviewed before your deal becomes firm and binding:
Documents Enclosed with Status Certificates:
In addition to the foregoing documents, the Status Certificate will outline certain agreements to which the condo corporation is a party. One such agreement is a management agreement. Whoever ordered the Status Certificate is entitled to receive copies of these agreements upon paying an additional fee for copying.