What is a status certificate in Ontario and when do I need one?
A status certificate is a document that every Ontario condominium corporation must prepare and provide upon request under the Condominium Act, 1998. It contains a snapshot of the financial and legal health of both the specific unit and the corporation as a whole at the date of the certificate.
You almost always need one when buying a resale condominium. Your agreement of purchase and sale should include a condition giving you time to obtain and review the status certificate before your deal becomes firm. The corporation must produce it within 10 days of a written request. Once you (or your lawyer) receive it, you have 10 days to review it and, if you are not satisfied, you may rescind the agreement and get your deposit back.
The 10-day review window is one of the most important buyer protections in Ontario condo law. Using that time to have a real estate lawyer review the certificate thoroughly can prevent costly surprises after closing.
Key takeaways
- Every Ontario condo corporation must provide a status certificate within 10 days of request.
- Include a status certificate condition in your offer so you can exit if the review reveals problems.
- You have 10 days after receiving it to review and, if needed, rescind the agreement.
- A lawyer should review the certificate — it contains dense financial and legal information.