What is a Condo Status Certificate?
July 9, 2021
Legal Moment on Dave Rocks
|Announcer:||And now the Cohen Highley Legal Moment on Dave Rocks.|
|Announcer:||I’m with Stephanie Sutherland from Cohen Highley Lawyers. What is a condo status certificate?|
|Stephanie Sutherland:||It’s a legal document containing information about the unit being purchased and the condo corporation overall, including financial information. The status certificate package includes the condo’s declaration, bylaws, rules and other important documents. I strongly encourage prospective condo buyers to review them.|
|Announcer:||Doesn’t your lawyer review it?|
|Stephanie Sutherland:||Yes, your lawyer should review it, but your lawyer may not know how certain stipulations affect you.
For example, your lawyer could identify pending lawsuits or judgements against the corporation, but say there is a one pet rule and you have two. There could be many issues which your lawyer may not realize will impact you.
|Announcer:||Condo status certificates go into that much detail?|
|Stephanie Sutherland:||The documents included with it do. Condos have numerous rules and regulations, and the more thoroughly that you review that document before taking ownership, the less likely you’ll be unpleasantly surprised.|
|Announcer:||Thanks Stephanie. This has been the Cohen Highley Legal Moment.|
|Singers:||Cohen Highley, we’re listening. cohenhighley.com|