ANNOUNCER: I’m with Stephanie Sutherland from Cohen Highley Lawyers. What’s a condo status certificate?
STEPHANIE: 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: 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 judgments 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: 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.
