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Buying a Condo without a Status Certificate

Toronto Condo News
Publication date:
November 25, 2022
Article Summary: 

Many condo purchasers choose to make an offer without a Status Certificate review period. This approach is fraught with risk, as the current owner may owe money, illegal or unapproved renovations may become the responsibility of the purchaser, knowledge of a previous fire or flood may impact on a purchase offer, financials may show an inadequate reserve fund or debt situation, and lawsuits involving the condo corporation may result in significant payments. Failure to include a Status Certificate clause and review of the Status Certificate does not absolve a new condo owner of liability for any of these.


condo reviews, condo review, condo reviews, condos for sale, condo inspections, status certificate clauses, condo status certificates, hidden problems

Source Citation: 
Toronto Condo News
Buying a Condo without a Status Certificate
November 25, 2022
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