When purchasing a resale condominium unit, you should ensure that your offer is conditional on receiving and reviewing a Status Certificate and the accompa nying documents, as required by the Act. The certificate is the resale equivalent of a disclosure statement and you must review all the material that comes with the certificate to ensure that you are satisfied that both the condominium unit and the condominium corporation are suitable for you.
This certificate, for which there is a fee of $100 inclusive of GST, must be delivered within 10 days of the request for it and the payment of the fee. It discloses whether the owner of the unit you are buying is current in the payment of common expenses as well as a picture of the condominium corporation's financial affairs. It is to be delivered with the documents which govern the condominium corporation and in some cases, a list of those documents which also affect the corporation but are not attached. Once the list of agreements is reviewed, you or your lawyer may also wish to receive copies of some or all of them for review. There can be an extra charge for these documents.