What advice would you give to someone who is about to buy a condo?
I strongly encourage anyone considering purchasing a condo in Ontario to request and review the corporation’s status certificates. This certificate gives you a snapshot into the financial and legal well-being of the condo corporation. It contains information on insurance coverage, whether the perspective condominium unit owes money to the condo corporation, and it also includes copies of the corporation’s governing documents.
The governing documents are the declaration, bylaws, and rules. They lay out what is expected of condo owners and occupants, covering issues like the whether you can have pets, noise rules, and other import regulations
Understanding the documents in the status certificate helps you, the buyer, to know what you’re getting into and how to live in your new condo community.
