{"id":10968,"date":"2017-03-28T01:00:35","date_gmt":"2017-03-28T05:00:35","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=10968"},"modified":"2017-03-28T09:51:39","modified_gmt":"2017-03-28T13:51:39","slug":"what-condo-sellers-should-know-about-status-certificates","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/what-condo-sellers-should-know-about-status-certificates\/","title":{"rendered":"What Condo Sellers Should Know About Status Certificates"},"content":{"rendered":"

For condo owners watching the red-hot Toronto market\u2019s<\/a> continuing climb, the temptation to sell grows with each passing day.<\/p>\n

Thinking of testing the waters? Then be sure to find out what your particular condo\u2019s status certificate says long before you put your unit up for sale.<\/p>\n

Not really one document, a status certificate is actually a group of legal and financial briefs provided by the condo corporation to\u00a0buyers of resale condos. It provides a snapshot of the particular unit up for sale, as well as the financial health of the overall condo building as at the date that the certificate was issued. The cost for the package is $100 and is well worth paying as you gear up to sell.<\/p>\n

Related Read: The Toronto Condo Boom Has Arrived<\/a><\/strong><\/p>\n

Avoiding Nasty Surprises<\/h2>\n

\u201cThese are must-knows for any prospective buyers and their lawyer,\u201d explains Emma Pace, a real estate agent with Zoocasa Realty. \u201cSo it makes sense to review what the certificate has to say up front to avoid any unpleasant surprises.\u201d<\/p>\n

Although you\u2019d likely already know some of this, the certificate would indicate if you, as the current unit owner, were behind in paying the monthly common expenses or taxes, for instance.<\/p>\n

It also details the rules and regulations of the building, its insurance status, any outstanding liens or special assessments, whether an increase in the common expenses has been declared by the condo board, and the amount held in the reserve fund.<\/p>\n

Reserve Fund is a Key Concern<\/h2>\n

The status certificate also breaks down the reserve fund further, outlining projected replacement costs, the trends in expenditures and receipts for previous years, and comparisons of the corporation\u2019s actual and expected costs.<\/p>\n

If you\u2019re selling a unit and there\u2019s only a modest reserve fund, or the potential for a special assessment, expect to adjust the sale price to reflect this. It pays to be up front here, Pace suggests: \u201cIf you do know that there are increased fees ahead, disclosure is always the preferred policy.\u201d<\/p>\n

Alternatively, you might consider a holdback on closing. This way, if there is a special assessment later on, it would come out of the holdback amount. If the assessment doesn\u2019t happen, then the money goes to the seller at the end of the holdback period.<\/p>\n

Buyers are going to want to know if there are any pending lawsuits<\/a> floating around as well \u2013 again detailed in the certificate. The most common lawsuits are generally filed against condo developers and while t<\/em>here\u2019s often debate about who is responsible\u00a0for any given cost \u2013 the condo corporation, the developer, or perhaps TARION \u2013 potential buyers will want to ensure they\u2019re not among them.<\/p>\n

Owners Versus Renters<\/h2>\n

If they\u2019ve lived in a condo before, buyers are also going to be looking though the certificate for insight into how the building is being managed. One controversial item: the number of investor-owned units that are being rented out, particularly through short-term stay services like Airbnb.<\/p>\n

Prospective buyers may be leery about having a rotating cast of neighbours with access to the common elements of the building, particularly now that an Ontario court has ruled that condo corporations do have have the authority to ban<\/a> unit owners from renting out their properties through platforms like Airbnb.<\/p>\n

Have Your Lawyer Take a Look<\/h2>\n

Most deals are conditional on the buyer\u2019s lawyer being satisfied after reviewing all of the condo\u2019s legal affairs, including the status certificate. \u201cHaving it on hand to give to a motivated buyer could certainly help move things along though,\u201d Pace explains. \u201cAlthough it will still have to be\u00a0updated to assure the buyer that there have been no recent changes.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

For condo owners watching the red-hot Toronto market\u2019s continuing climb, the temptation to sell grows with each passing day. Thinking of testing the waters? Then be sure to find out what your particular condo\u2019s status certificate says long before you put your unit up for sale. Not really one document, a status certificate is actually […]<\/p>\n","protected":false},"author":55,"featured_media":10970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[113],"tags":[],"class_list":["post-10968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-selling-your-home"],"yoast_head":"\nWhat Sellers Should Know About Status Certificates | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"Status certificates are an important part of any condo sale - but it's important that prospective buyers understand what's in them.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/what-condo-sellers-should-know-about-status-certificates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Sellers Should Know About Status Certificates | Zoocasa Life\" \/>\n<meta property=\"og:description\" content=\"Status certificates are an important part of any condo sale - 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