Thousands of condos are sold in Ontario each year; to purchase or sell a condo requires a condo status certificate. This is because condos are managed by a condo corporation and there are fees involved to the corporation and bi-laws that regulate what condo owners are allowed and not allowed to do. Generally the condo status certificate is requested by the real estate sales professional or the real estate lawyer.
Condo status certificates are an important part of a condo sale because they provide the buyer with essential information about the financial status of a condo corporation. It will include the condo fees, it will indicate if any large increases to the condo fees are planned and more. It will also contain information about the financial status of a particular unit. The condo status certificate will confirm if the owner of the condo that your client is buying is in arrears on their condo fees or if there is a lien on the condo by the condo corporation for any reason. The condo status certificate will also disclose a host of other information, such as if and what types of pets are allowed in the building and whether or not the condo corporation is involved in any lawsuits.
It is not uncommon for a condo status certificate to be more than 100 pages in length.
Traditionally obtaining condo status certificates has been a time consuming process:
- The condo status certificate must be requested in writing from the condo corporation – this means that a letter will have to be prepared. Connecting with condo corporations can sometimes be challenging because smaller ones sometimes are only open part time or sporadically.
- There is a fee of $100.00 or more – this requires getting a certified cheque.
- The condo corporation has up to 10 days to send back the condo status certificate. While some will fax or drive their condo status certificate request to the condo corporation, many others opt to incur the expense of a courier. This ensures that there was a record of the request having been delivered, starting the 10 day time
The old way of obtaining condo status certificates has changed thanks to advancements in technology. If you are a real estate sales professional in Ontario and a GeoWarehouse subscriber, you can now obtain a condo status certificate online. Condo status certificates are available online when you register through GeoWarehouse for Conduit. On the GeoWarehouse site, a link is provided and after creating an account you are able to request and purchase the certificate.
Condo status certificates can not only be ordered online but they can also be delivered online. This eliminates management of these large and clunky documents, the expense of couriers and certified cheques. Now you can simply send the digital file to whomever requires it: the mortgage broker, bank, real estate lawyer, etc…
Being able to access condo status certificates online makes closing your deals that much easier.
For more information about how to obtain a condo status certificate online please visit www.geowarehouse.ca or call 1-866-237-5937.