Status Certificate

A status certificate is an important document in condominium real estate transactions that provides a comprehensive overview of the financial and legal status of a condominium unit and the overall condominium corporation. The certificate typically includes information about the unit’s financial obligations, any outstanding fees or assessments, the reserve fund status, the condominium corporation’s budget, any ongoing or pending legal issues, and the rules and regulations governing the condominium. It is often requested by potential buyers or their lenders to ensure that there are no hidden liabilities or issues before completing a purchase. The Status Certificate helps buyers make informed decisions by providing transparency about the condominium’s financial health and governance.