Oakville Real Estate News

What Is A Condominium Status Certificate?

Blog by Joette Fielding | May 27th, 2014

What Is A Condo Status Certificate?There are a number of reasons why a status certificate is very important, when dealing with condos for sale.  The most important, however, is because of all of the valuable information contained within a status certificate.  To put it plainly, a status certificate is basically a very detailed report that gives a buyer valuable information about the current status of a particular condo.

Understanding what you can expect from a status certificate is the best way to take advantage of all of the benefits that come with using a status certificate.  This is especially the case when looking for information on the home value on a specific condo.  The following are a few of the valuable pieces of information that you can expect to find in a status certificate.

1. The number of actual units being sold - This can be very important in obtaining a variety of different sale prices in the same condominium.  While you might have your mind set on a specific unit, it cannot hurt to know that there are other options out there, and very nearby.

2. Where the condo reserve fund stands, in regards to its monetary value - This will play a big part in the final decision that any buyer will have, where it concerns the purchase of a condo in Mississauga.

3. The specific insurance information on the condo in question - Even if this information doesn’t seem immediately important, it can become a matter of importance in the long run.

4. Any major areas of a condo that require work to be done - There is no question as to the importance of this particular piece of information.  It will let a buyer know whether, or not, they need to be prepared to spend money on necessary improvements after the purchase.

5. The condo budget - Knowing the actual budget, prior to making a decision in regards to purchasing a condo, is very important when looking at the overall asking price.

6. Whether, or not, there are any law suits or claims currently being made against a particular condo - This piece of information will affect every area of the purchase of a condo.  It is vital that anything pertaining to this subject be revealed ahead of time.

7. Whether, or not, there have been any special types of assessment made against a current owner - Once again, knowing and understanding any of the information revealed is vital to making an appropriate decision in regards to purchasing a condo in Mississauga.

8. Any maintenance fees (to be paid monthly), as well as any payments that are currently past due - There is nothing worse than finding the perfect condo only to get hit with bills that you had nothing to do with (or were never made aware of).  This can make it quite difficult for any home buyer.

While the above information is, in and of itself, extremely valuable to have, there is another piece of information that can be expected within a status certificate.  That information would cover any bylaws that are set in place by the condo in question.  This is important if a buyer is to know everything expected of them (by the condo) before making the purchase.

Excerpt taken from http://www.realtytimes.com


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