What is a Status Certificate for a Condominium?
A STATUS CERTIFICATE is legal document that discloses important information about a property to help potential buyers make their decision.
Information about the reserve fund, existing circumstances that might require a future increase in common expenses (or special assessment), possible litigation, etc, must all be included in the certificate.
The Certificate must also list the types of agreements (including management agreement) to which the condominium corporation is a party and a statement that the person requesting a status certificate has the right to obtain copies of such agreements upon paying an additional fee for labour and copying charges.
The STATUS CERTIFICATE can be ordered by anyone (realtors, appraisers, direct buyers) so long as a written request is made together with the fee. From the time the request is made in writing and the fee is paid, management has up to 10 days to make the STATUS CERTIFICATE available with all the usual accompanying documents (including declaration, by-laws, budget, financial statements, rules, insurance certificate).
One of the new statements in the Status Certificate obligates management to report the number of units in the complex that management is aware are leased units (as opposed to owner occupied units) which might be a factor for consideration for some buyers.
Sample Status Certificate
(under subsection 76(1) of the Condominium Act R.S.O. 1998, as amended)
TORONTO STANDARD CONDOMINIUM CORPORATION NO. 1431
The Corporation hereby certifies that as of the date hereof:
- . The owner(s) of Unit Suite #, Level Floor, Unit Locker, Level Level and Unit Parking #, Level Parking Level, Toronto Standard Condominium Plan No. 1431 ,registered in the Land Titles Division of the Toronto Registry Office (No. 66), is:
[ x ] not in default of common element expenses, pending clearance from the bank.
[ _ ] in default of common element expenses in the amount of Amount in $
- A payment on account of common expenses of Monthly Condo Fees in respect of the above-noted unit(s) is due on Date to cover the period from date to date
- The Corporation has the amount of Amount in dollars in prepaid expenses for the unit.
- There are no amounts that the Condominium Act, 1998 requires to be added to the common expenses payable for the unit.
- The current budget is accurate, however, the Corporation cannot accurately determine at this time whether the budget will result in a surplus or a deficit as it has no control over any, as yet, unannounced increases in utility rates, increased labour and material costs, and any other cost factors which are beyond the normal budgetary controls of the Corporation, including any costs which might impact on the budget.
- Since the date of the budget of the Corporation, for the current fiscal year, the common expenses for the unit:
[ x ] have not been increased, or
[ _ ] have been increased by % increased, and by Amount in Dollars per month for the unit due to increased utility rates.
- Since the date of the budget of the Corporation for the current fiscal year, the Board:
[ x ] has levied any additional assessments against the unit, or
[ _ ] has levied the following assessment(s) against the unit, to increase the contribution to
the reserve fund or the Corporation's operating fund or for any other purpose.
- The Corporation has no knowledge of any circumstances that may result in an increase in the common expenses for the aforesaid unit(s), save and except for any usual budgetary increases.
- The Corporation's unaudited reserve fund amounts to Amount in Dollars as at date
- A comprehensive reserve fund study will be conducted expected date
- The balance of the reserve fund at the beginning of the current fiscal year was amount in dollars In accordance with the budget of the Corporation for the current fiscal year, the annual contribution to be made to the reserve fund is annual Contribution in Dollars and anticipated expenditures to be made from the reserve fund for the current fiscal year, are projected figure in dollars. The Board of Directors anticipates that the reserve fund:
[ x ] will be adequate;
[ _ ] will not be adequate in the current fiscal year for the expected costs of major repair and replacement of the common elements and assets of the Corporation.
- There are no plans to increase the reserve fund under a plan proposed by the Board under subsection 94(8) of the Condominium Act, 1998 for the future funding of the reserve fund.
Legal Proceedings, Claims
- There are no outstanding judgements against the Corporation.
- The Corporation is not a party to any proceedings before a court of law, an arbitrator or an administrative tribunal.
- The Corporation has not received a notice of, or made an application for, an order to amend the declaration and description where the court has not made the order, under section 109 of the Condominium Act, 1998.
- The Corporation has no outstanding claim for payment out of the guarantee fund under the Ontario New Home Warranties Plan Act.
- There is not currently an order of the Superior Court of Justice in effect appointing an inspector under section 130 of the Condominium Act, 1998, or an administrator under section 131 of the Condominium Act, 1998.
Alteration / indemnity Agreements
- With respect to Agreements with owners relating to changes, additions or improvements to the common elements as per clause 98(1 )(b) of the Condominium Act, 1998.
[ x ] The unit is NOT subject to any Agreement;
[ _ ] The unit is subject to one or more agreements. To the best of the Corporation's information, knowledge and belief, the agreements have been complied with by the parties.
Leasing of Units
- With respect to leased units, during the fiscal year preceding the date of this Status Certificate and as per section 83 of the Condominium Act, the Corporation:
[ _ ] Has not received notice that any unit within this Corporation was leased;
[ x ] Has received notice that number of units units were leased.
- The Corporation has secured all policies of insurance that are required under the Condominium Act, 1998.
- It is the purchaser's responsibility to review the declaration and description pertaining to the unit, including any exclusive use common element area, to determine whether or not the vendor or any previous owner or occupant of the unit has carried out a structural change to the unit or has modified the common elements in circumstances where the Board has not given its prior written consent. If, following an inspection of the unit by the purchaser, there is any question as to whether or not a breach of the declaration and/or the rules has/have occurred, the purchaser is advised to address a specific inquiry to the Corporation by describing such change or modification in writing to the Corporation at is mailing address, following which the Corporation will carry out an inspection of the unit and respond appropriately.
Unit purchasers (and their solicitors) are required to notify, in writing, this Corporation at its current mailing address immediately following the completion of the transfer of title and change of ownership to the Unit(s). Until and unless such notification is provided to the Corporation, its records shall remain in the name of the present owner as prescribed under the Condominium Act, 1998, and the new owner may not receive notices of any meetings and other written communication from the Corporation.
Substantial changes to the common elements, assets or services
- There have been no additions, alterations or improvements to the common elements, changes in the assets of the Corporation or changes in a service in the Corporation.
Rights of Person Requesting Certificate
- The person requesting this certificate has the following rights under subsections 76(7) and (8) of the Condominium Act, 1998 with respect to the agreements listed on the attached Schedule “A” — Attachments.
Upon receiving written request and reasonable notice, the Corporation shall permit a person, who has requested a Status Certificate and paid the fee charged by the Corporation for the Certificate, or an agent of the person duly authorized in writing, to examine the agreements listed in Schedule “A”— Attachments, hereto, at a reasonable time and at Address of the place.
The Corporation shall, within a reasonable time, provide copies of the agreements to a person examining them, if the person so requests and pays a reasonable fee to compensate to the Corporation for the labour and copying charges.
- The Property Manager of this Corporation is:
Property Management Company name and Address
- The Directors and Officers of the Corporation are:
Directors names and positions (Click here)
- The Address of Service, for the Directors and Officers is:
Address and other contact info followed by signature of president and date
I have authority to bind the Corporation.
Condominium Management Agreement with Management Company Name