Purchasing and Selling Condominium Units: The Importance of the Status Certificate

This article highlights the importance of the Status Certificate in the purchase and sale of condominium units. The Status Certificate provides essential information about the unit and the condominium corporation's financial and legal status. It outlines the necessary steps for purchasers to request an up-to-date Status Certificate and the timeframe for its provision. The article emphasizes the need for purchasers to review the Status Certificate carefully, ensuring that all required information is accurate, and to consult their lawyer for lifestyle-related concerns. The Status Certificate is crucial as it determines the rights and responsibilities of the new unit owner, making its accuracy vital for both parties involved in the transaction.