How Long Do You Have to Review a Condo Status Certificate Before Closing in Ontario?
The time you have to review a status certificate depends mainly on your agreement of purchase and sale, so there is no single review period to count on here. How much time you have, and what happens if the certificate is late, depends on your own agreement and circumstances, so it is worth reading closely. A lawyer can confirm this before you sign or waive anything.
A status certificate is a document from the condo corporation about the unit and the corporation's finances. Reviewing it helps you spot problems before you close. For example, a lien arises automatically when an owner does not pay common expenses, and it expires after three months unless the corporation registers a Certificate of Lien. A board can also levy a special assessment through common expense fees without owner approval, although the governing documents may contain provisions about special assessments.
If the certificate arrives late, do not assume the condition has lapsed or that you can ignore it. Whether you can extend the deadline, ask for more time or walk away turns on the wording of your condition and on what the seller agrees to in writing. Raise any delay with your lawyer right away, before the condition date passes.
Key takeaways
- Your review period and the effect of a late certificate depend on your own agreement, so read it closely and confirm the details with a lawyer.
- A lien for unpaid common expenses arises automatically and expires after three months unless the corporation registers a Certificate of Lien.
- A board can levy a special assessment through common expense fees without owner approval, although the governing documents may contain provisions about special assessments, so review the certificate carefully.
- If the certificate is late, speak to your lawyer before the condition date passes rather than assuming the condition has lapsed.