Most offers on condominium properties are conditional on the buyer's solicitor being satisfied after reviewing the condominium documents including the Satus Certificate. The Staus Certificate answers many questions such as:
Do I own the parking or the locker?
Are pets allowed?
What are the pool hours?
How much is in the reserve fund and are there any lawsuits against the condo corp(otherwise you could be at risk of a significant increase in your maintenance fees)
Are there any special assessments to cover repairs when there is not enough funds to cover expenses
Who is the property Manager?
Mark Weisleder, a well known real estate lawyer -- email@example.com is also warning buyers that in some cases the Canadian Mortgage and Housing Corp can decline to provide Mortgage Insurance for buyers if they are not satisfied with the condo financials. Mark says that it is not manadatory for a condo Board to use a management company but he is always suspicious if they don't because he believes that most Board members are not qualified to make these type of decisions or handle large budgets. He also recommends that sellers find out what is in the Status Certificate before they put their home on the market.
The Status Ceticicate is a very useful tool with information to help the buyer determine if a property will be the perfect home for them!