Real Estate: How Status Certificates Work

When looking at Oakville homes you’re going to come across a great many condos; before you even think about buying one make sure you get a status certificate! A status certificate will give you the peace of mind and all the information you need to know about a specific condo or development. Do you know what kind of legal actions has been brought against this development? Do they have any funds in reserve, or will you end up in an endless cycle of special fees? What are the bylaws of the place, what rules will you need to follow? What amenities are offered? All of these things and more will be on your status certificate, so make sure you get one before you think about bidding on any Oakville real estate!

Do You Have to Get a Status Certificate?

You may have to pay a small fee to get one, but by law you are legally entitled to a status certificate. This gives you a better picture of what you’re going to be walking into before you buy a condo, and what the condition of the corporation that runs it is in. An informed choice is always best, so make sure you get one!

What Information is on the Status Certificate?

There is a great deal of information on one of these status certificates like:

Financial Information: How much do they have in the reserve fund? They will need a healthy stream of income going into this fund; the money from this goes towards keeping the amenities going and any repairs that the building may need.

Bylaws and Rules: The bylaws and rules of the condo will be on the status certificate. This can help you a great deal; if you’re not suited to a strictly regimented condo you’ll know before you start trying to bid.

Legal Information: Has this condo had any legal actions or judgments against it? You’ll find out on the status certificate! No one wants to buy into a mess, and with this information you can be better informed before you decide to buy Oakville real estate like condos.

There is other important information available on the status certificate, which you’ll find out when you get one. When we help you look through different condos and you’re interested in one, we’ll help you apply for these certificates. They have to display the most up to date information; if you order one and get it 13 days later, you’ll have information that is 13 days old. It will always be up to date and accurate.

Never buy a condo without looking at the status certificate first! There are many great condos in Oakville for sale, but you’ll want to make sure they’re the best fit for you. You’ll want to go through the bylaws and rules, all the financial information and legal issues that the corporation may have. If you’d like to find out more about condos for sale in Oakville, let us help!

For more information, visit: http://www.goodalemillerteam.com/

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Goodale Miller Team

Goodale Miller Team

CENTURY 21 Miller Real Estate Ltd., Brokerage*
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