Real estate buying and selling involves a great deal of paperwork. It can be tough to go through all the forms and certificates and understand which details are most important. For people investing in condos rather than houses in Ottawa, there are some extra specific steps needed according to condominium law. A status certificate is one such consideration.
A unit's status certificate includes key information about the unit that one is purchasing. It also includes information about the condo corporation as a whole. Many real estate agents advise making a condo purchase conditional based on the information on the status certificate. This helps protect a buyer from revelations that the document may later unveil.
In Ottawa's quick-moving real estate market, it is important to come armed with condominium law knowledge when preparing to buy a condo. Condo corporations can take up to ten days to provide the certificate, and legal review of the document can take an additional five. A conditional contract is one way to secure the purchase while maintaining the ability to change one's mind should the status certificate reveal something unsettling.
There are many considerations involved with a status certificate, which a lawyer can help to explain. These include the building's declaration, bylaws, rules and fees. It will also give one insight into the financial status of the condo corporation. A lawyer is a good resource for someone looking to understand how the information in a status certificate pertains to condominium law, as well as someone who is preparing a purchase agreement that is conditional based on this document.