Wednesday, June 29, 2011

What is a Status Certificate?

Hello, David Pylyp with Re/Max, Its a beautiful day on the waterfront in Toronto at Humber Bay Shore, Down by Palace Place and Palace Pier.

I'd like to talk to you about buying a condominium and actually obtaining a Status Certificate.
So the question becomes; What is a Status Certificate?

If you bought a used car, you would find yourself asking for the safety certificate. Well, that's exactly what a status certificate is. Its a snap shot of the financial picture of your condominium unit and your building as at a particular date.

This is usually provided to you by the seller of the unit and encompasses what the maintenance fees are paying for in the building. It gives you an over view of the entire buildings obligations. How much revenue they collect. If there are going to be special assessments, or how they are being assessed. It tells you what programs are going to be repaired or implemented over the next two, three or five year period as capital projects.

The Status certificate also provides an understanding of how many units in the building are rented by investors versus those that are owner occupied. Buildings that have a higher ratio of owner occupants tend to have higher pride of ownership.

If you would like to buy something here, down on the lakefront, on the Etobicoke waterfront, near Humber Bay Shore, maybe Michael Power, give me a call at 647 218 2414.

Work with an accredited Senior Agent that will help you through the entire process so you will know each step. Thank you


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