What is a Condominium Status Certificate?
This document is provided by the condominium corporation to the purchaser of the condo unit. It overviews the current status of the corporation as well as other key items. Lenders require this document to confirm that the condominium corporation stands in good order. It also includes the maintenance fee for the condominium.
How do you get it?
This document is required asap, as it can take a few days for the condominium corporation to provide it. There is a fee that is typically charged to the homeowner to obtain the status certificate. This fee cannot be higher than $100 as per the Condominium Act.
