Patricia Katz

Buying a Condo? What You Need to Know!

Toronto Loves Real Estate

The Status Certificate Package is a necessary part of the paperwork which is included in an offer on a condo unit; it gives you information about the unit, the parking, the locker and generally the development:

**the status package is ordered by you or your agent from the property management company of the development you are interested in and there is a cost involved

***the property management has 10 days from receipt to have the status package ready

• physical condition on the building
• up-to-date maintenance fees
• correct address of the unit & parking & locker information
• if there is a “special assessment
• information about the budget
• property management contracts
• includes the Condo Declaration By-laws & Rules
• reserve fund information
• corporation insurance
• any legal proceedings or judgments
• if the unit is in arrears