STATUS CERTIFICATE REVIEW
As a potential buyer, it is critical to acquire legal counsel when conducting a legal review of a status certificate. Pace Law firm Real Estate Lawyers provide clients with a sense of comfort by ensuring no hidden fees or unsettled legal fees arise in the future.
THE IMPORTANCE OF A STATUS CERTIFICATE
As outlined in section 76 of Ontario’s Condominium Act, a status certificate discloses information about the condominium’s legal issues, by-laws/rules, common expenses, statement of the increase of common expenses, the address of corporation services, along with many other useful/important information for a potential homebuyer.
A status certificate entails all of your condominium corporation’s important, legal, and financial information/documentation. A status certificate lays out all the information you need to know upfront and may be used to hold your condominium’s Board of Directors accountable for their balanced budget, money reserve for unit repairs, legal cases, and much more in the future.
Provide a request to the condominiums corporation and pay the associated fee (this fee can be paid by either the buyer or the seller.) Following your request, you can expect to receive the status certificate package within 10 days. At Pace Law Real Estate, our lawyers will look over the documents and come to a unanimous decision with your best interests in mind– always!
WORKING IN YOUR BEST INTERESTS
At Pace Law, we recognize how much of a privilege it is to work alongside our clients whilst they make life-changing real estate transactions whether it be buying or selling. With 40 years of experience, Pace Law prides itself in its leading expertise and cutting-edge innovation to redefine the client experience for our clients. Whether you are looking for legal advice, support or representation, At Pace Law we believe a client-first approach is the best approach!