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Who read your Status Certificate?

By David Pylyp

Real Estate Agent with RE/MAX Realty Specialists Inc.,

April 02, 2013 08:07 AM

The Status Certificate is included in the bundle of document received by the buyer of a Condominium Suite that includes the;

Declarations
By Laws
Rules and Regulations
Insurance Documents
Financial Statements
Status Certificate

If you are purchasing a residential Condominium, You must have a Status Certificate and the lawyer who acts for you must read it.

Most lawyers do not do so.

I know that, because I have talked to both the Law Society and the Ontario Bar Association,

Status Certificate will reveal what your monthly maintenance fee is.

It will reveal whether the Vendor owes money to the corporation.

It will reveal if there are Special Assessments.

It will also set out your parking.

I have to check them. I have run into problems prior to closing that I have been able to resolve.

Call me

Stan Gelman

Mississauga Real Estate Law Specialist

905 270 5110

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Marcia Hawken

WILLIAM RAVEIS - Naples, FL

Naples Luxury Specialist

David, Very interesting. In Collier County, the buyer is presented with the "condo" documents, rules and regulations, financials , articles of incorporation and the buyer must sign and date a receipt.The buyers have a three day right of recission on resales and fifteen days on new construction. The onus is on the buyer . A few have an attorney review them but most do not. I stress the importance of reading those documents living with the rules and not wishing a pet policy will change! Some of the most important: Pet policies, rental policy, parking restrictions, flooring, improvements and timing.

Apr 05, 2013 11:20 PM

David Pylyp

RE/MAX Realty Specialists Inc., - Toronto, ON

Hello Marcia Hawken!

I have heard so many wonderful things about Naples Florida!

rescission applies to NEW condo / home sales that are sold from plan.

(We have no SPEC build) The Resale condo contain a clause that the Seller will requisition and provide Condo Docs, Insurance, declaration, Rules and Financial Statements PLUS the Status Report.

Status report is a single page that details are you in maintenance fee arrears, is parking owned and deeded or exclusive use, future intended repairs , capital expenditures and any contemplated Special Assessment.

Normally a Buyer has ( contractually inserted ) an additional 5 days to review.

Cheers!

Homes West Toronto

Apr 06, 2013 12:48 AM

David,

Thanks for the update from your area! I spoke with Doris and she sounds lovely. She has been to Naples many times and loves it. She has many friends here...so I think there is a good chance she will eventually settle in the Naples area. Thanks so much for the call! Nice putting a voice to your face! Cheers, Marcia

May 23, 2013 07:51 PM

Who read your Status Certificate?

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