This saves the condo corporation the expense and time in preparing Packages for Purchasers. These packages include the Building Declarations, Rules and Regulations, By Laws, Audited Financial Statements, Proof of Insurance Coverage and a Status Certificate. Today it should also include a Workplace Harrassment By Law and a Standard Condo Unit Description.
CONDUIT - The standard in online Status Certificates
Since 2008 D-Tech Consulting has changed the way status certificates are ordered and delivered. Condominium corporations coverage across the GTA and Ontario provide access to order status certificates from most condo's and property management firms.
High adoption rates with management companies, unit coverage and powerful management system have led to integration with the Ontario land registry system managed by Teranet. Their Geowarehouse service provides all Ontario real estate board with integrated and direct access to CONDUIT. https://www.statuscertificate.com/
The Lawyer who is conducting your transaction requires (for YOUR benefit as the Buyer) a Valid Status Certificate that is dated within 30 days of the closing, Signed under Seal with an original Signature.
The Bylaws, Insurance, Financial and Declarations are all documents that are up to date even when they are 9 months old. The Status Certificate is relied upon to show if:
- The Condo Corporation embroiled in Litigation
- Long Term Repairs and Expenses
- Special Assessments for Operating Fund Shortfalls
- Confirms the Maintenance Fees and proposed Increases
- Confirms your ownership details of Parking Spaces and Lockers
- There are any outstanding Claims against Tarion
Yes, It is convenient; now your lawyer has an obligation to ask you if you want all the material printed (usually ..@ 50 cents per page) and you in an effort to save money skip the details. If you have a lawyer who does not explain and show you the By Laws and documents, whether you own or have parking, purchased the correct unit, RUN! Change Lawyers. I can recommend a few that are worth it. Yes they charge more. They actually do the job instead of gambling on Title Insurance Claim saving them.
Its ok, you just live in the apartment Once you close your door......
Please work with people who understand the process and can explain these things to you in detail. If You are buying into a building with poor management and a weak condo board this makes the WHOLE purchase a gamble, not just your down payment or the Toronto Condo Bubble. Are you Ready? Give me a call.