You should order a Status Certificate (formerly called an Estoppel Certificate) when you decide to list your condominium unit for sale.Most if not all offers on your property will be conditional on the buyers’ review of the Status Certificate, and the one you order can be relied on by any prospective purchaser.Having a Status Certificate at hand can save you up to two weeks in the selling process (i.e. 10 days to obtain the certificate and a few days for the buyers’ lawyer to review it).It also will be helpful for you and your real estate agent to familiarize yourselves with the contents of your Status Certificate and to obtain any further information needed from your property manager.This may enable you to address any ambiguities in the Certificate that buyers or their lawyers might raise.
