CONDO-OLOGY® (FORM 13) STATUS CERTIFICATE REVIEW                                                 

Status Certificate

As the name states “Status Certificate” is a certified document for a particular Unit which provides critical information about the status of the Unit, the Condominium Corporation as well as their obligations to additional agreements. 

The Status Certificate is very similar to a Corporation’s financial statement the ‘Balance Sheet’, which applies to a single point in time; a Certificate is a snapshot of the Corporation’s financials including information of the ongoing operations as well as known future obligations of the Corporation, as of the signature date.

Just as important, if not more so, every Certificate (legislated bare minimum) must be accompanied by the Corporation’s various  documents including financial reporting, reserve fund summary and all governing documents as indicated in the Status Certificate (Form 13) below.

A well informed Buyer will most likely be an excellent new fellow Owner. Boards, in addition to the minimum legislated attachments should also include a copy of the Corporation’s;

  • Reserve Fund Study,
  • Management Agreement and
  • The most current monthly financial statements of the Corporation

Legislation (The Act) gives the Corporation 10 days to prepare a Status Certificate.

All Offers should be conditional within # _______ of days from receiving the Certificate and related attachments. The condition is solely for the benefit of the Buyer and allows the Buyer (with their lawyer and others) sufficient time to review and understand the information and legal obligations of condominium ownership.

Normally, an experienced Realtor® in condo re-sales working within their territory of expertise will have knowledgeable details of the Corporation and in most cases the Status Certificate will simply verify the Realtor®’s information. Corporation’s operations are always in constant change and pertinent information can pop up in an instant, hence the importance of obtaining a Status Certificate.

When reviewing the Certificate and relevant documentation please consider Warren Buffet’s (CEO Berkshire Hathaway) straightforward advice; “Never invest in a business (in our case – a Unit/Corporation) you cannot understand” and “Do a lot of reading”.

Ordering a Status Certificate

Certificates are normally ordered by Realtor®s or lawyers on behalf of a Buyer or are ordered by financial institutions for mortgaging purposes.

I strongly suggest that every Buyer order their own Status Certificate and not rely on others; a huge opportunity is lost for those that don’t.

Ordering your own Status Certificate is the only opportunity to observe your future management in action prior to purchase.

Obviously ordering your own Status Certificate  is not as convenient as having others do it for you, but it is the only chance you will have to experience firsthand how a simple request is handled by the management of your future Corporation.. If this basic request cannot be achieved in a friendly and efficient manner, please consider how complex management/operation issues will be handled. If this task is not completed in a satisfactory manner, one must take this into consideration in the decision to purchase.

Costs

According to the Condo Act Regulations specifically

Section 18  (2) “The fee that a Corporation may charge for providing a status certificate, including all material that is required to be included in it, shall not exceed $100, inclusive of all applicable taxes”.

The Act along with all condominium governing documents can be difficult to understand because of the legalese but in this particular situation; it is as straightforward as it gets.

Unfortunately many, if not the majority of Corporation’s Boards are allowing (most likely unaware) their manager to charge more than the legislated amount. This practice is so prevalent that I can only assume there is some sort of loophole or maybe it is just industry’s willful blindness that has generally made this practice acceptable.

Personally (including Condo-Ology®) I find this pricing practice unacceptable and an embarrassment to the entire condominium industry specifically the Association of Condominium Managers of Ontario (ACMO) and the Canadian Condominium Institute (CCI). 

It makes you wonder what other legislated oversight is being ignored.

I mention this with the intention of bringing this to the attention of all Directors; only Boards can stop this unacceptable practice; it is an awful first impression of the Corporation’s management.

This pricing practice reinforces the need for the proposed Condo Act amendments including the establishment of the Condo Authority and Condo Manager Licensing Authority.

Additionally – It is 100% up to the Board to decide who receives the payment for the preparation the Status Certificate. It is my general understanding and is my recommendation that, whoever is liable for the accuracy (the party who signs) should receive the payment.

Be Knowledgeable

We all know the mantra “Three most important items in buying a house is location, location and location” 

NOT so for residential condos

The Condo-Ology® mantra ‘The three most important items in buying a condo is knowledge, knowledge, and knowledge.’

Don’t simply drop off the Status Certificate to the lawyer for a legal opinion; it’s not the lawyer buying!

Every Buyer has to review all documentation and determine if any restriction (both usage and financial) will have an impact on your purchase. The review will take some time but it is a matter of necessary due diligence for an investment of this magnitude and more importantly, the continuous legal and financial obligations that goes with condominium ownership. 

By understanding the ins and outs of the Corporation’s operations the Buyer will 

  • Gain confidence in the purchase – the ultimate goal
  • Better understanding of  condo ownership
  • Greatly reduce unpleasant surprises
  • Reduce legal costs by knowing what questions to ask.
  • Be a great fellow Owners

Final advice

Get everything in writing, trust your gut and never hesitate to walk away.

Your assistance will be appreciated.

During your review of this material, please consider any suggestions that will assist in the understanding of this material.

STATUS CERTIFICATE (FORM 13)

Comments in Red

(UNDER SUBSECTION 76 (1) OF THE CONDOMINIUM ACT, 1998)

………….. Condominium Corporation No. ________ (known as the “Corporation”) certifies that as of the date of this certificate:

Note: Words and sentences in black or green italic font within the Status Certificate below would not be seen in a completed Certificate. The black or green italic font is to assist those that prepare Certificates.

General Information Concerning the Corporation

1. Mailing address: …………………………………………………………………………………………………………

2. Address for service: ……………………………………………………………………………………………………

3. Name of property manager: …………………………………………………………………………………………       

Address: ……………………………………………………………………………………………………………………

Telephone number… ………..  Never hesitate to call the manager

4. The directors and officers of the Corporation are:

Name            Position                             Address for service                        Telephone

                            ………………………………………………………………………………………………..                                                                     

Never hesitate to call anyone one or all of the Directors                               

Common Expenses

[If the Corporation is any condominium corporation but a common elements condominium corporation: 

5. The owner of Unit ………. Level …………. (Suite number ………………………… address …………….…………………) of (………………………………………..identify condominium plan), registered in the Land Registry Office for the Land Titles (or Registry) Division of…………….

The Certificate could indicate additional legal descriptions for ownership or other legal and financial obligations which is included in the ownership of the Unit such as;

  • lockers,
  • parking space(s)
  • even boat slips

If there are additional items, verify with the Realtor® and discuss with lawyer.

Verify the accuracy of the legal description(s) and address by cross referencing your Purchase and Sale Agreement and the Certificate

[If the Corporation is a common elements condominium corporation:

The owner of the common interest in the Corporation attached to ………………………………………….…………. (provide description, as set out in Schedule D to the declaration, of the parcel of land to which the common interest in the Corporation is attached), registered in the Land Registry Office for the Land Titles (or Registry) Division of ……..…………………………, (known as the “Parcel”)]

(Strike out whichever is not applicable:

is not in default in the payment of common expenses.

OR

Is in default in the payment of common expenses in the amount of $……………)               

[(If applicable add; and a certificate of lien has been registered against

(if the Corporation is any condominium corporation but a common elements condominium corporation: the Unit)

(if the Corporation is a common elements condominium corporation: the Parcel)].

If the Unit or the Parcel is in default, consider this a Yellow caution flag; could be a very simple explanation; discuss with lawyer.

6. A payment on account of common expenses for the unit in the amount of $…………….. is due on ……………………….…………….(next due date) for the period ………….………………………..(date) to ………………….……………. (date). This amount includes the amount of any increase since the date of the budget of the Corporation for the current fiscal year as described in paragraph 10.

Cross-reference the amount with the listing and purchase and sale agreement

7. The Corporation has the amount of $……………………………. in prepaid common expenses for the unit.

Believe it or not some Owners will pay in advance; I have had several Owners who have paid the entire year in advance (a few in cash?) – Lawyer will make closing adjustments

8. There are no amounts that the Condominium Act, 1998 requires to be added to the common expenses payable for the unit [if applicable add: except…………………………………………………………………………………. (set out details and provide brief description)].

Yellow caution flag; important to discuss with your lawyer if there are additional amounts

Budget

9. The budget of the Corporation for the current fiscal year is accurate and may result in (Strike out whichever is not applicable:

a surplus of $……..…….

OR

a deficit of $ ……………….)

Unfortunately the amounts are meaningless without knowing the percentage; a $20,000.00 variance of a $5,000,000.00 annual budget is .4% vs. a $20,000.00 variance of a $300,000.00 annual budget is almost 7% – No Comparison.

To calculate the percentage take the variance dollar amount as per the Certificate and divide by the annual budget amount X 100 (a copy of the annual budget is required to accompany the Certificate).

Obviously a surplus is preferred over a deficit but the size of the variance percentage (regardless if it is a surplus or a deficit) is an indication of financial acumen of the Corporation. 

Any percentage over 2% or 3% should be understood, maybe easily explained. 

Any percentage over 5% I would consider in the Yellow caution flag range; obtain additional information if required (could be a very simple explanation) and discuss with lawyer.

10. [Strike out whichever is not applicable:

Since the date of the budget of the Corporation for the current fiscal year, the common expenses for the unit have not been increased.

OR

Since the date of the budget of the Corporation for the current fiscal year, the common expenses for the unit have been increased by $……………. per month because ………………………………………………………………. (set out the reason for the increase)]

Yellow caution flag; obtain additional information if required (could be a very simple explanation) and if need be discuss with lawyer.

11. [Strike out whichever is not applicable:

Since the date of the budget of the Corporation for the current fiscal year, the board has not levied any assessments against the unit to increase the contribution to the reserve fund or the Corporation’s operating fund or for any other purpose.

OR

Since the date of the budget of the Corporation for the current fiscal year, the board has levied the following assessments against the unit to increase the contribution to the reserve fund or the Corporation’s operating fund or for any other purpose: …………………………. (set out the amounts and the reason for the assessments)].

Yellow caution flag; obtain additional information if required (could be a very simple explanation) and if need be, discuss with lawyer.

12. The Corporation has no knowledge of any circumstances that may result in an increase in the common expenses for the unit [if applicable add: except …………………………………………… (give particulars of any potential increase, including any assessment levied by the board against the unit, and the reason for it)].

Yellow caution flag; obtain additional information if required (could be a very simple explanation) and if need be, discuss with lawyer.

Reserve Fund

13. The Corporation’s reserve fund amounts to $…………… as of………………………………. (specify a date that is no earlier than at the end of a month within 90 days of the date of this certificate).

Managers using proper condominium software should provide reserve fund amounts easily within seven weeks of the date of the certificate.

Blog Requested Explanation of the seven week period.

The Reserve Fund Balance amount has to be obtained from the monthly financial statements and usually a monthly statement should be available within two weeks of month’s end.  So if someone requests a Certificate March 11 the balance of the reserve fund will be taken from January’s Monthly Statements (a six week period – I added a week – a buffer.) 

14. The most recent reserve fund study conducted by the board was a ……………………………….. (specify the class of reserve fund study) …………dated…………………and prepared by ……………………………… (name of person who conducted the reserve fund study). The next reserve fund study will be conducted before………………………………………… (set out the date by which the next reserve fund study must be conducted as required by the regulations made under the Act).

OR

(If no reserve fund study has been conducted by the board, state:

A reserve fund study will be conducted before    …….. (set out the date by which the reserve fund study must be conducted as required by the regulations made under the Act)].

Yellow caution flag when the timing of the Corporation reserve fund study is not in compliance to the Act. The Corporation is legislated to have a reserve fund study completed every 3 years; obtain additional information if required (could be a very simple explanation) and if need be, discuss with lawyer.

15. (If a notice has not been sent to the owners under subsection 94 (9) of the Condominium Act, 1998, include the following paragraph 🙂

The balance of the reserve fund at the beginning of the current fiscal year was $…………. In accordance with the budget of the Corporation for the current fiscal year, the annual contribution to be made to the reserve fund in the current fiscal year is $ ……….., and the anticipated expenditures to be made from the reserve fund in the current fiscal year amount to $……….. . The board anticipates that the reserve fund will/will not be adequate in the current fiscal year for the expected costs of major repair and replacement of the common elements and assets of the Corporation.

Possibly a RED Flag – If the Certificate states that the Board anticipates that the reserve fund will not be adequate it is important to obtain additional information if requiredand discuss with lawyer.

16. [If a notice has been sent to the owners under subsection 94 (9) of the Condominium Act, 1998, include the following statements and a copy of the most recent notice for the unit with this certificate and mention it in the list of documents forming part of this certificate:

The board has sent to the owners a notice dated ……………. (the most recent notice) containing a summary of the reserve fund study, a summary of the proposed plan for future funding of the reserve fund and a statement indicating the areas, if any, in which the proposed plan differs from the study. The proposed plan for future funding of the reserve fund has not been implemented because (give reason).

OR

The proposed plan for future funding has been implemented and the total contribution each year to the reserve fund is being made as set out in the Contribution Table included in the notice (if applicable add: except ………………………………………… (set out why contributions are not being made in accordance with the Contribution Table and whether this will be addressed)].

Yellow caution flag; obtain additional information if required(could be a very simple explanation) and if need be, discuss with lawyer.

17. There are no plans to increase the reserve fund under a plan proposed by the board under subsection 94 (8) of the Condominium Act, 1998, for the future funding of the reserve fund [if applicable add: except ………………………………………………. (give details of any increase, including any increase in the common expenses payable for the unit or assessment against the unit)].

Yellow caution flag; obtain additional information if required (could be a very simple explanation) and if need be, discuss with lawyer.

The Condo-Ology® Educational/Information Hub will  eventually include Reserve Fund information that will assist with the understanding of reserve fund management.

Legal Proceedings, Claims

18. There are no outstanding judgments against the Corporation [if applicable add: except …………………………………………………………………………………………………………. (give amount of judgment and brief particulars)].

Yellow caution flag; if there is an outstanding judgment(s) obtain additional information if required (could be a very simple explanation) and discuss with lawyer.

19. The Corporation is not a party to any proceeding before a court of law, an arbitrator or an administrative tribunal [if applicable add: except ………………………………………… ………………………………………………….(give brief particulars and the status of those proceedings to which the Corporation is a party)].

Yellow caution flag; if the Corporation is party to any proceeding before the courts of law obtain additional information if required and discuss with lawyer.

20. The Corporation has not received a notice of or made an application under section 109 of the Condominium Act, 1998 to the Superior Court of Justice for an order to amend the declaration and description, where the court has not made the order [if applicable add: except ……………………………………………………………………………….. (give particulars)].

Yellow caution flag; if the Corporation has received or made an application (could be a very simple explanation) review and discuss with lawyer.

21. The Corporation has no outstanding claim for payment out of the guarantee fund under the Ontario New Home Warranties Plan Act, [if applicable add: except (give brief particulars and the status of any claims that have been made)].

Yellow caution flag; obtain additional information if required (could be a very simple explanation) and if need be, discuss with lawyer.

22. There is currently no order of the Superior Court of Justice in effect appointing an inspector under section 130 of the Condominium Act, 1998 or an administrator under section 131 of the Condominium Act, 1998.

OR

There is currently an order of the Superior Court of Justice in effect appointing an inspector under section 130 of the Condominium Act, 1998 or an administrator under section 131 of the Condominium Act, 1998. (If applicable, include a copy of the order with this certificate and mention it in the list of documents forming part of this certificate)].

Red Flag: Caveat Emptor “Let the buyer beware”; discuss with Psychologist

Review Court Appointed Condominium Administration – The very “VERY” last option under the site menu heading ‘Condo-Ology® Educational/Information Hub

Agreements with owners relating to changes to the common elements

23. The unit is not subject to any agreement under clause 98 (1) (b) of the Condominium Act, 1998 relating to additions, alterations or improvements made to the common elements by the unit owner.

OR

The unit is subject to one or more agreements under clause 98 (1) (b) (Changes made by the Unit Owner must be in a registered agreement  and is normally referred to as an Indemnity Agreement ) the Condominium Act, 1998 relating to additions, alterations or improvements made to the common elements by the unit owner. To the best of the Corporation’s information, knowledge and belief, the agreements have been complied with by the parties (if applicable add: except …………………………………. (give particulars). (If applicable, include a copy of the agreements with this certificate and mention them in the list of documents forming part of this certificate.)]

This is critical information to understand and the noted Owner’s change could easily be the reason why a Buyer is interested in the Unit. Could be an extended patio, deck, outdoor condenser, an enclosed balcony, the list is endless.  The details of the change and legal requirements are set out in the agreement and should be reviewed by a lawyer.

Leasing of Units

24. The Corporation has not received notice under section 83 of the Condominium Act, 1998, that any unit was leased during the fiscal year preceding the date of this status certificate.

OR

The Corporation has received notice under section 83 of the Condominium Act, 1998, that ……………………………………………………………………………………………………………….. (set out the number) unit(s) was (were) leased during the fiscal year preceding the date of this status certificate.]

The above information, in my opinion, is one of the most important factors that must be clearly understood by both the Buyer and their Realtor® prior to the purchase of a Unit

The number of Units leased within a Corporation has minimal meaning; BUT a percentage of Owners who are renting their Units vs. Resident Owners is critically important.

To determine the percentage of Units leased within a Corporation, take the number of Units being leased and divide by the total number of Units within the Corporation X 100.

If the Buyers intentions are to live in their Unit would a Corporation with 80% Units leased be appropriate?

An even more interesting exercise is those that have access to past Status Certificates are in the position to determine a trend (if the percentage is going up or down) this is extremely valuable information for all especially for the Board Members.   

Substantial changes to the common elements, assets or services

25. There are no additions, alterations or improvements to the common elements, changes in the assets of the Corporation or changes in a service of the Corporation that are substantial and that the board has proposed but has not implemented [if applicable add: except ……………………………………………………………………………(give a brief description and a statement of their purpose)].

Yellow caution flag; obtain additional information if required (could be a very simple explanation) and if need be, discuss with lawyer.

Insurance

26. The Corporation has secured all policies of insurance that are required under the Condominium Act, 1998.

One of the attachments that will be accompany the Status Certificate is a memorandum (or Certificate) of Insurance. This memorandum verifies the Corporation exiting insurance coverage showing limits and even more importantly the various deductibles.  More comments under Attachment 33 (d) within this review.

Phased condominium corporations

27. The declarant has completed all phases described in the disclosure statement that the Corporation has received from the declarant under subsection 147 (5) of the Condominium Act, 1998 with respect to the phase that contains the unit.

OR

The declarant has not completed all phases described in the disclosure statement that the Corporation has received from the declarant under subsection 147 (5) of the Condominium Act, 1998 with respect to the phase that contains the unit.)

28. The declarant does not own any of the units in the phases, including units that are part of the property designed to control, facilitate or provide telecommunications to, from or within the property.

OR

The declarant does not own any of the units in the phases, except for units that are part of the property designed to control, facilitate or provide telecommunications to, from or within the property.

OR

The declarant owns one or more of the units in the phases, but not units that are part of the property designed to control, facilitate or provide telecommunications to, from or within the property.

OR

The declarant owns one or more of the units in the phases, including one or more of the units that are part of the property designed to control, facilitate or provide telecommunications to, from or within the property.

Obtain additional information if required and if need be, discuss with lawyer.

Vacant land condominium corporations

29. If the Corporation is a vacant land condominium corporation, all buildings, structures, facilities and services shown in Schedule H to the declaration have been completed, installed and provided, except …………………………. (list which items, by reference to Schedule H, have not yet been completed, installed and provided).

30. Name of lessor: ………………………………………………………………………………………………………….

Address: ……………………………………………………………………………………………………………………

Telephone number: ……………………………………………………………………………………………………..

31. [Strike out whichever is not applicable:

The provisions of the leasehold interests in the property are in good standing and have not been breached.

OR

The provisions of the leasehold interests in the property are not in good standing and have been breached in the following ways: ………………………………………………………….

(provide details)].

32. The lessor (strike out whichever is not applicable: has/has not) applied under section 173 of the Condominium Act, 1998 for an order terminating the leasehold interests in the property.

____________________________________________________________

Below are all of the legislated documents which shall accompany the Status Certificate.

At this time many Buyers may become overwhelmed by the amount of information. For the most part the average corporation should be pretty straightforward. The objective of the Status Certificate is to give a Buyer, Mortgagee and Insurer all of the necessary information in order to make an  informed financial decision; to do so, all possible scenarios must be included.

Eventually additional information regarding various documents will be included under the Condo-Ology® Educational/Information Hub (a work in progress)

Attachments 

33. The following documents are attached to this status certificate and form part of it:

(a) a copy of the current declaration, by-laws and rules, (if applicable, add: which include an occupancy standards by-law);

Additional and detailed information regarding the Corporations governing documents can be found on the site’s menu under Educational/Information Hub called ‘Holy Grail Explanation for Poor Condo Docs’.

(b) a copy of the budget of the Corporation for the current fiscal year, its last annual audited financial statements and the auditor’s report on the statements;

Eventually Eventually additional information regarding the above will be included under the Condo-Ology® Educational/Information Hub (a work in progress). One minor tip for the time being – check the Audit for the account called legal fees (the account may also be called consultants, professional fees or legal fees could be recorded under misc. administration). If this amount is significant it is an indication that there maybe some serious issues and must be investigated.

(c) a list of all current agreements mentioned in section 111 (Management Agreement), 112 (Basically all operating agreements including leases) or 113 (Mutual Use Agreements) of the Condominium Act, 1998 and all current agreements between the Corporation and another corporation or between the Corporation and the owner of the unit;

Please note: The legislation only requires the Status Certificate to include a list of the above noted agreements. I personally believe all Buyers and including the Owners should receive a copy of the management agreement as well as all mutual use agreements. Unfortunately those wishing a copy maybe charged for this additional information. 

(d) a certificate or memorandum of insurance for each of the current insurance policies. [if applicable add the following items:

This very important memorandum explains what the Corporations Insurance Policy(s) covers and the deductible amounts. The Owner is responsible for everything else through their Unit’s condo insurance policy.

The insurance industry has fewer insurance companies’ who are willing to insure Condominium Corporations. Corporations Insurance costs are going up which is minor as compared the significant increase in the deductible amount. The entire condominium insurance industry is in a flux.

Caution – There is a new trend (generally unfavorable for condo ownership) where Boards are substantially increasing the Corporations property insurance deductible to either;

  • bring down the cost of the Corporation’s insurance by unloading (at a much higher cost) insurable items onto the Owners, or
  • have no other choice because of poor claims history

The Issue – Most Corporations have a Deductible By-law (or a deductible provision included in the general By-law) which gives the Corporation the authority to charge-back the Corporation’s deductible to an Owner. In most cases the Owner’s property or general insurance will cover the cost of the Corporation’s deductible charge-back BUT only to a certain amount.

The Problem – Depending on the amount of the Corporation’s deductible, Owners may find themselves to be self insured for the variance between the two limits.

Yellow caution flag; make sure that Condo Owner Unit Insurance will cover the Corporation’s property deductible, discuss with lawyer.

(e) a copy of all applications made under section 109 of the Condominium Act, 1998 to amend the declaration or description for which the court has not made an order;

Yellow caution flag; could be a very simple explanation; discuss with lawyer.

(f) a copy of the schedule that the declarant has delivered to the board setting out what constitutes a standard unit, if there is no by-law of the Corporation establishing what constitutes a standard unit;

Extremely important and an item that is being address in the proposed amendments of the Act

Eventually additional information regarding the above will be included under the Condo-Ology® Educational/Information Hub (a work in progress)

(g) a copy of all agreements, if any, described in clause 98 (1) (b) (Changes made by the Unit Owner must be in a registered agreement  and is normally referred to as an Indemnity Agreement ) of the Condominium Act, 1998 that bind the unit; (

h) a copy of a notice dated ………………………. (date of the most recent notice) containing a summary of the reserve fund study, a summary of the proposed plan for future funding of the reserve fund and a statement indicating the areas, if any, in which the proposed plan differs from the study;

The Corporations Reserves is the financial heart of the Corporation.

Unfortunately the Act only requires a Form 15 Notice of Future Funding of the Reserve Fund which is basically a summary of the Reserve Fund Study. If the Form 15 information is questionable, request a copy of the entire Reserve Fund Study (management can charge for this request). 

The underlining concern of any Notice of Future Funding of the Reserves is the fact that the accuracy is based upon the quality of the reserve fund study.

Eventually additional information regarding the above will be included under the Condo-Ology® Educational/Information Hub (a work in progress)

(i) a copy of an order appointing an inspector under section 130 of the Condominium Act, 1998 or an administrator under section 131 of the Condominium Act, 1998;

Red Flag: Caveat Emptor “Let the buyer beware”; discuss with Psychologist

Review Court Appointed Condominium Administration – The very “VERY” last option under the site menu heading ‘Condo-Ology® Educational/Information Hub’

(j) a copy of the disclosure statement that the Corporation has received from the declarant under subsection 147 (5) of the Condominium Act, 1998 with respect to the phase that contains the unit unless the declarant has completed all phases described in the disclosure statement and the declarant does not own any of the units in the phases except for the part of the property designed to control, facilitate or provide telecommunications to, from or within the property;

(k) a copy of an application by the lessor for a termination order under section 173 of the Condominium Act, 1998;

Red Flag: Caveat Emptor “Let the buyer beware”; discuss with lawyer.

(l) if the leasehold interests in the units of the Corporation have been renewed and an amendment to the declaration has not yet been registered under subsection 174 (8) of the Condominium Act, 1998, a copy of the provisions that apply upon renewal.]

Yellow caution flag; could be a very simple explanation; discuss with lawyer.

Rights of person requesting certificate

34. The person requesting this certificate has the following rights under subsections 76 (7) and (8) of the Condominium Act, 1998 with respect to the agreements listed in subparagraph 33 (c) above:

  1. Upon receiving a written request and reasonable notice, the Corporation shall permit a person who has requested a status certificate and paid the fee charged by the Corporation for the certificate, or an agent of the person duly authorized in writing, to examine the agreements listed in subparagraph 33 (c) at a reasonable time and at a reasonable location.
  2. The Corporation shall, within a reasonable time, provide copies of the agreements to a person examining them, if the person so requests and pays a reasonable fee to compensate the Corporation for the labour and copying charges.

Dated this ………….. day of …………………………….., ……………

……………………Condominium Corporation No. ………

Note: If there are concerns with the Status Certificate during the conditional period, such as an unforeseen special assessment pending or otherwise, the Buyer should discuss with their Realtor® and lawyer to determine if re-negotiating the terms to reflect the unforeseen issue is something to pursue.

Any suggestions to help in the understanding of this material are encouraged to comment.