Who pays for the condo status certificate and how much does it cost?

In Ontario, a status certificate is a document that a condominium corporation must provide upon request. It sets out the financial and legal health of the condo corporation, including the reserve fund balance, budget, any special assessments, and whether the unit has any outstanding fees or liens. Reviewing the status certificate is an essential step for any condo buyer.

The cost of obtaining a status certificate is set by the Condominium Act, 1998, and is paid by whoever requests it — typically the seller or the seller's agent, as a matter of custom, though this can be negotiated. The fee is capped under the Act. The certificate must be delivered within ten calendar days of a request accompanied by payment.

Many offers to purchase a condo are conditional on the buyer's lawyer reviewing and approving the status certificate within a set number of days. If the status certificate reveals serious financial problems — an underfunded reserve, a looming special assessment, pending litigation — the buyer can use that condition to walk away. Your lawyer plays a critical role in this review. Budget for the lawyer's fee to review the certificate as part of your overall legal closing costs, even though the certificate fee itself is usually a seller-side cost.