Why do you need a Status Certificate:
1. To find out how the common expenses were calculated?
2. What is the common expense payment is for the unit?
3. Are the common expenses for the unit up to date?
4. What are the restrictions against pets and decorating?
5. Is the condominium corporation contemplating any major additions or repairs to the building?
6. Are there any special assessments coming due?
7. When was the last reserve fund study completed?
8. How much money is in the reserve fund?
All these questions will be answered with the Status Certificate. The cost is $100.00 payable by the Buyer and usually ordered by the lawyer representing the Buyer. Upon receipt the Lawyer will review and let the Buyer know whether all is in good order and if it is, then the Buyer will sign a Notice of Fulfillment of Condition for the Status Certificate.
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