Muhammad Hussain - Real Estate Broker


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Office: 416-203-6636 | Direct: 416-318-5264 BUYING, SELLING & ADVISOR OF NEW CONSTRUCTION CONDOS & HOUSES
Muhammad Hussain - Real Estate Broker

Status Certificate

The STATUS CERTIFICATE can be ordered by anyone (realtors, appraisers, a person walking by the building) so long as a written request is made together with the fee (maximum of $100.00, including taxes). From the time the request is made in writing and the fee is paid, management has up to 10 days to make the STATUS CERTIFICATE available with all the usual accompanying documents (including declaration, by-laws, budget, financial statements, rules, insurance certificate). One of the new statements in the Status Certificate obligates management to report the number of units in the complex that management is aware are leased units (as opposed to owner occupied units) which might be a factor for consideration for some buyers.

For a buyer to rely on the contents of the STATUS CERTIFICATE, it is no longer a requirement that the certificate be ordered by (or in the name of) the purchaser. Any Purchaser or mortgage lender is entitled to rely on whatever the STATUS CERTIFICATE discloses as of the date the Certificate was issued.

The STATUS CERTIFICATE must now disclose much more information about reserve fund, existing circumstances that might require a future increase in common expenses (or special assessment), possible litigation, etc. The Certificate must list the types of agreements (including management agreement) to which the condominium corporation is a party and a statement that the person requesting a status certificate has the right to obtain copies of such agreements upon paying an additional fee for labour and copying charges.

When purchasing a resale condominium unit, you should ensure that your offer is conditional on receiving and reviewing a Status Certificate and the accompanying documents, as required by the Act. The certificate is the resale equivalent of a disclosure statement and you must review all the material that comes with the certificate to ensure that you are satisfied that both the condominium unit and the condominium corporation are suitable for you. It discloses whether the owner of the unit you are buying is current in the payment of common expenses as well as a picture of the condominium corporation's financial affairs. It is to be delivered with the documents, which govern the condominium corporation but are not attached. Once the list of agreements is reviewed, you or your lawyer may also wish copies of some or all of them for review. There can be an extra charge for these documents.

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My Testimonials

“After 5 months of anguish, we were still unsuccessful in selling our condo, despite numerous price reductions. We Called Muhammad Hussain from Remax ,after our meeting with him that we knew we were in good hands. From our first meeting, Within 24 days of listing our loft, Muhammad sold it. The result was amazing! We attracted the highest ever sale price in our neighbourhood"
- Richard Hugh

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Toronto, ON
Phone: 416-203-6636
Fax: 416-203-1908

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Toronto Real Estate Board - IDX Last Updated: 8/16/2018 1:17:18 PM