Step by Step: The Process of Obtaining a Status Certificate on a Condo
The condo market in urban centres like Toronto continue to be hot. With the average price of a single family home exceeding a million dollars in places like Toronto, condos are very appealing for first time homebuyers, couples, seniors and small families.
An individual buying or selling a condo will have different needs than that of an individual or family buying a house.
If you represent a client in the purchase or sale of a condo then you will likely need to obtain an estoppel or condo status certificate. Sometimes real estate sales professionals confuse a letter confirming the client’s financial payment history and standing with a status certificate.
Condo corporations will issue letters confirming that condo fee payments are up to date and that nothing is owing – but this is not a status certificate. A status certificate is the giant 100+ page document that outlines:
- The financial standing of the homeowner and the unit in question
- The financial position of the condo corporation – It also reveals how much money is in the reserve fund to cover repairs, special assessments involving repairs that there isn’t money to pay for, pending lawsuits against the condo corporation, etc.
- The bi-laws
- Property management and more…
This information is critical to anyone who is going to be buying a condo. If you represent the seller you should obtain one for potential buyers, and if you represent a buyer you should order one for them.
In the past, real estate sales professionals would often leave the ordering of the condo certificate to the real estate lawyer to request. The process of obtaining a status certificate wasn’t an easy one. You would have to write to the condo corporation, pay a fee and then wait up to 10 days for your condo status certificate. Aside from fees to the condo corporation you may also incur currier fees if you are in a hurry.
The good news is, thanks to technology, the process of obtaining a status certificate on a condo in Ontario just got easier because they are now available online.
Since D-Tech’s Conduit became available through GeoWarehouse, subscribers can request, pay for and receive their condo status certificate online.
This greatly expedites the process and saves you and your client considerable time and expense. Not to mention the fact that you are able to offer a better and more competitive service to your clients.
Want to find out more about the reports available through the GeoWarehouse store, including the condo status certificate? Visit www.geowarehouse.ca today.