Tim Connolly, REALTOR® with The Tulip Team at RE/MAX Hallmark Realty Group answers the Real Estate Question of the Week, What is a Condo Status Certificate.
A Condo Status Certificate is a summary document provided by the condominium to the buyer that breaks down;
- the condo fee you are going to be paying,
- what that condo fee covers,
- as well as a copy of the rules & by-laws for the condominium,
The status certificate will also let you know if the seller is in arrears on any of their condo payments and if there are any upcoming special assessments for the condominium. A special assessment is an extra charge that the condominium corporation can levy to owners to make up for a shortfall in the budget, usually for large, unplanned expenses.
For all those reasons it’s critical as a buyer to get a copy of the status certificate, review it on your own and with a lawyer for anything you are not sure about.
Tim Connolly, REALTOR® 613-889-8931
RE/MAX Hallmark Realty Group, Independently owned and operated brokerage. 613-236-5959
The Tulip Team