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Why is a Status Certificate important?

Having the status certificate reviewed by a real estate lawyer is a critical part of buying a condominium. The rationale behind the importance of status certificate is that it provides basic and essential information concerning the financial status of a unit and of the condominium corporation.

What does estoppel mean in real estate?

By definition, an estoppel certificate is \u201c[a] signed statement by a party (such as a tenant or mortgagee) certifying for anoth- er's benefit that certain facts are correct, as that a lease exists, that there are no defaults, and that rent is paid to a certain date.

What are estoppel certificates used for?

The purpose of an estoppel certificate is usually twofold: (1) to give a prospective purchaser or lender accurate information about the lease and the leased premises and (2) to give assurance to the purchaser that the tenant at a later date will not make claims that are inconsistent with the statements contained in the ...

How much does a status certificate cost in Ontario?

The certificate must be given to the prospective buyer within 10 days of the date of the request, and the Condominium Act allows for a $100 fee to be charged for the status certificate. A status certificate contains pertinent information about the individual condominium unit.

How long is a status certificate valid for in Ontario?

How long is a status certificate valid for in Ontario? In Ontario, a Status Certificate is valid from 30 days of issue. You can use a Certificate after this date.

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