Home Inspections and Status Certificates

Home inspections and Status Certificates are important documents for condo buyers. The Status Certificate is a comprehensive document containing the condominium corporation's declaration, by-laws, rules, reserve fund study, certificate of insurance, audited financial statements, operating budget and other information. It includes lifestyle restrictions, pet restrictions, parking limitations and maintenance fees. Condo fee increases, special assessments, reserve funds, lease ratio, laws or building issues, and Tarion Issues should be noted. Large increases may indicate financial problems or major infrastructure work.

Special assessments may be necessary when condo fees are inadequate. Reserve funds should be at least comparable to annual revenues. Lease ratio should be reviewed. Lawsuits or building issues should be identified.