What Are Condominium Status Certificates?
Here’s everything you need to know about what’s in a condo status certificate.
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Today I want to talk about an important topic that isn’t discussed very often: status certificates in condominiums. The basics are that you should always get a lawyer to review a condominium’s status certificate before buying, but what is a status certificate?
A status certificate is provided by the condominium association to buyers of a resale condominium. It provides a snapshot of the unit on the date the certificate was issued. It also cannot be older than 30 days from the agreement date of the sale.
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Condo status certificates can streamline the selling process immensely.
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So that’s what a status certificate is, but what does it include? A status certificate contains information about the owner, unit, parking space, locker, monthly expenses, and if the owner is up to date. It also includes the most recent reserve fund study and special assessments. The current budget, minutes, and general meeting are all in the certificate as well.
If you are selling a condo, we always advise our clients to get a status certificate. They can show it to buyers’ lawyers and avoid contingencies. As long as your certificate is up to date, it streamlines the selling process immensely.
If you have any questions about today’s topic or anything else, please reach out to me or my team. We are always willing to help.
