ARTICLE · 19 SEPTEMBER 2017

Status Certificate - Resale Condos' Equivalent To Home Inspection

The Ross Firm

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Prudent home buyers do not skip the home inspection. Behind walls, carpets and ceilings, any number of unseen problems may lurk - from faulty electrical to foundation flaws.

CanadaReal Estate and Construction

The Ross Firm

Prudent home buyers do not skip the home inspection. Behind walls, carpets and ceilings, any number of unseen problems may lurk - from faulty electrical to foundation flaws. In a resale condo scenario, home inspections are rare, but there is an important parallel: inspecting the status certificate. Having a lawyer review this document is a wise precaution. In fact, it's so indispensable that lawyers typically turn it into a condition of purchase. What is a condo status certificate and what's the risk in passing it over?

Critical Information Enclosed

Upon request by the prospective buyer, a condo corporation must supply a current status certificate. The document reveals such key information as:

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