Status Certificate is an authentication document to clarify the current financial and potential legal implications and other fee details to be paid property. Is it obligatory to get the Status Certificate in Toronto for any Condominium deals? Advance Civilization and legal procedures are making specific deals quite chaotic for citizens in Toronto. Once you begin the procedure, you must get a pile of certificates and notices. Unfortunately, some of them you do not even know existed.
Our service assists citizens and ex-pats in issuing Status Certificates in Toronto without messing with law agencies and Legal firms. A perfect combination of property management and legal advisory firm of a professional team with years of experience can help you get through the complicated procedure at an average service rate.
Before you opt Ameer Law Office for the service, one must know all about the legal concerns with the certificate and when to acquire the certificate. Therefore, here is all you must go through while demanding the Status Certificate or at the time of issuance application.
Issuance Certificate- Detailed Guide
The condominium unit has pertinent information that needs clearance from the condominium corporation. The Status Certificate includes the expected monthly expenses and other implications that fall according to Section 76 of the Ontario Condo Act . The certificate clarifies the owner the financial status of the unit, prevents any ambiguous arrears, and indicates lien holders.
Information Stated in Status Certificate
The information stated in the Status certificate must include the following aspects.
- Profile information including addresses of officers/directors/
- Financial Status of the Unit
- Cond. Board Levitation
- Contract information
- Last Meeting Description
- Condominium Declaration by-laws
- Reserve Funds
- Other Legal issues
Why do I need Status Certificate
At the time of acquiring the condo unit, the buyers are unaware of the property’s previous owners. Nevertheless, you often have to pay excessive taxes and levies on the property that were not mentioned at the time of purchase. Therefore, the Status Certificate is a legal token of reliance and security for both sides. Usually, people are unaware of the requirements and importance of the status certificate at the time of purchase.
Fortunately, our service has detailed records of the properties and condos. Therefore, our experts, including law experts and property dealing experts, help you locate the clean property and ensure the legal acquiring procedures. You do not have to indulge yourself in complex legal processes.
Add Value to Property for Instant Deals
Disclosing the Additional Liabilities also helps the purchaser finalize the deal without digging into municipal records and records of previous owners. We advise the condo unit seller to apply for the status certificate as soon as they have made up their mind to sell the property. It builds the buyer and seller trust factor and eases other deals. Moreover, it adds value to the property, and buyers reach an ultimate decision without wasting time.
Significant Expenses and Reserve Fund
Reserve funds from condominium corporations pay particular expenses over the specific property for maintenance and repair of capital items. At the time of purchase, the issuance of the status certificate in Toronto is necessary to avoid conflicts or confusion about the expenses.
Understanding the Complex Law-Language
An average citizen is unable to comprehend the contract or buy-sell deal documents. Similarly, status certificates also contain terminology that is not comprehendible for non-law literates. Hence, our firm declares and clarifies the terms used in the certificate and makes the deal transparent for both ends.
How to Apply- Issuance of Status Certificate in Toronto
The condo board or condominium corporation is authorized to issue the certificate to the applicant. However, advancing in the virtual process, you can also apply online through proper channels. The Status certificate takes not more than 10 days.
However, the status certificate is not identical, and each unit has different arrears and liabilities. The lawyers cross-check the information and examine the certificate under the Law. To keep everything in order, we have professional lawyers specializing in improving the status certificate’s outlines and content. We align the property status and Law implication to the point that it improves the value and reliability of the condo unit.
The buyer is the one authorized to accept or deny the deal. However, constant changes in the property or uncertainty of change compel the buyer to analyze the certificate within 72 hours. The changes after that are not under the previous owner, and the current owner is obliged to pay the expenses.
Buying or reselling a condo demands the issuance of the status certificate in Toronto. The certificate encloses the financial, date of issuance, budget, and other legal information with transparency. A typical buyer or seller is primarily unaware of the complex procedure and application method. Therefore, with modern resources and experts teams, our firm can outperform with the reliable and hassle-free acquisition of the Condominium unit.