0 Matthew Klonowski
by Matthew Klonowski
18February
2010

What Barrie Condo Buyers Need to Know About Condo Status Certificates

If you’re a first time Barrie condo buyer, you may not know what a status certificate is. Trust us, it’s definitely in your best interest to find out– They’re there to protect you.

Your condo status certificate ensures all your questions are answered, and all your expectations are met. It’s a document that maps out all the operational, legal and financial details of your would-be condominium corporation.

“Most importantly, an up-to-date status certificate can help give a prospective purchaser
the peace of mind of knowing the corporations financial affairs are in good order,” said Colin Hassey, of Hassey Property Management.

Once you have it, your lawyer needs to review it to ensure that you don’t need to be concerned with any aspect of the document, and ensure that all key parts of the agreement show up in the status certificate.

“He or she will advise you to either waive or not waive that condition. Like other conditions such as home inspection, financing or sale of the buyer’s property, the status certificate condition is provided for the benefit of the buyer,” said Cesia Green, of Wall-Armstrong and Associate.

The status certificate gives you crucial information about:

Your Barrie Condo Fees: It outlines the amount payable, by unit, for common expenses. It should also tell you about any recent increases to the fees, as well as the reason for that increase.

Your Barrie Condo Corporation: You will also be warned about the status of any legal action currently being taken against the condo corporation. The certificate should also list information about any applications of amendments to the declaration or outstanding judgments.

Your Barrie Condo Culture: Your status certificate gives you a copy of declaration by-laws and rules. It should also list information about any proposed additions or improvements to the common elements.
You will also be given information like the number of leased units for the fiscal year, as well as a certificate of insurance policies.

A buyer normally asks for the certificate during an offer. Your condo corporation in Barrie is required to prepare a status certificate within 10 days of the request and at a cost of no more than $100.00. Again, the status certificate’s purpose is to protect, you, the buyer. First-time Barrie condo buyers dislike surprises. Your status certificate is the best way to eliminate any surprises, and give you an idea of exactly what you can expect, and what’s expected of you.

Stephanie Adams is a Sales Representative at Hassey Realty in Barrie focusing on Barrie Condos,Barrie Waterfront Condos and Barrie townhomes sales.

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