When considering the purchase of a Condo, your first step is a careful study o the Status Certificate.

Your home is your life savings.  If you are buying a condo, do as much research as possible into this new community, before committing to this financial and lifestyle decision.

A "status certificate" is a document containing information regarding the operational, legal and financial dimensions of the condominium corporation. The information contained within this document is vital from a buyer's perspective. For example, did you know that the annual budget for this condomium corporation that you are part owner of is approved solely by the board of directors as part of its duties, although owners have the right to ask questions regarding the financial statements at the annual meetings.  Potential buyers should should know about the number of renters in the building, although this information is not in the status certificate, as renters in general do not take the same care of their units and the common property of the building.

You can use a new web service called Conduit (available at https://www.statuscertificate.com/), to easily access status certifcates, including condomium documents, on more than 1000 condominium corporations.  All information, including whether a unit is up to date on condominium fees, is current.

Thinking of buying a condo apartment or townhouse?  Call me, I have assisted many buyers to find the perfect place to call home.