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Buying a condominium in Ontario involves more than reviewing the purchase price; it also means carefully examining the condominium’s status certificate.
Real estate lawyer Jamin Panesar, Associate Lawyer at Woitzik Polsinelli, explains how the status certificate provides a snapshot of a condominium corporation’s financial health, legal matters, and governing rules. He discusses why reviewing the budget, audited financial statements, and reserve fund is an important part of the due diligence process, and how a real estate lawyer may follow up with the property manager to address potential concerns before a transaction is completed.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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