When
buying or selling a re-sale condominium, the most important document in the
deal is the status certificate. It answers important questions that matter to
most buyers, such as:
- Do I own the parking or locker unit?
- Are pets permitted in the building?
- When is the pool open for swimming?
- How much money is in the reserve fund to look after future repairs?
- Are there any special assessments being charged because there is not enough money to pay for needed repairs right now?
- Is anyone suing the condominium and is there enough insurance to pay for it? For example, someone slipped on the ice that was not properly cleared
- Who is the property manager, providing guidance to the board of directors?
Most
condominium deals are conditional upon the buyer's lawyer being satisfied after
reviewing all of the condominium documents, including the status certificate,
the declaration, by laws, rules, most recent budget and reserve fund study
completed by the condominium corporation. Even though lawyers are not
accountants or engineers, they are asked to provide an opinion to the buyers as
to the financial well being of the building.
In
general, townhouse condominiums do not require as large a reserve fund as a
highrise condominium, because they will not have as many future repair
requirements, other than the repair or replacement of the roof. The unit owners
are responsible for everything inside their units. It is thus important for
everyone buying a townhouse to also include a condition for a home inspection,
to check everything inside the home before you commit to buy.
Sellers,
find out what your status certificate will say before you put your unit up for
sale.
Buyers,
ask what is in the status certificate because this will form the basis of your
continued enjoyment of your home after closing.
Click
here to read the full article in The Globe and Mail: Why a condo’s status certificate is important
More information about the status certificate: Condo Information Centre
Purchasing or selling real estate is a complex process and every element of the transaction is best handled by an experienced professional. Don’t take chances, go with proven results and experience. As the top producing agent in my brokerage (approx.. 160 agents) last year and with 24 years of full-time local service in Whitby, Brooklin, Ajax, Pickering, Oshawa, Courtice and Bowmanville, I can make your purchase or selling worry-free.
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
www.randymiller.ca
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