What is a Condo Status Certificate?
Simply put a status certificate shows the financial health of a condo corporation and will reveal information on the particular unit being considered, for example, are the condo fees paid up to date, what sums are in the reserve fund, what projects are planned? It essentially is a disclosure statement.
When purchasing a condo, it is imperative to have the condition of status certificate review and the review is done by a lawyer. When selling, the owner needs to order the status certificate and have it available for the buyer.
Do you have a question on selling or buying a condominium? Drop me a note and I will be happy to answer or find the resources for you.