What’s a Status Certificate?
What’s a Status Certificate? The One Document That Can Make or Break Your Condo Sale
Why every condo seller and buyer must know this
If you’re selling condos, the status certificate is your single most important document. It tells buyers the real condition of the condominium corporation. Get it right and you close faster. Ignore it and your sale stalls or falls apart.
What is a status certificate?
A status certificate is an official document prepared by the condominium corporation. It lists financials, rules, outstanding fees, special assessments, reserve fund health, and legal issues. In Ontario, buyers get a 10-day review period after they receive it. That window lets them confirm nothing hidden will derail the deal.
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What’s inside and what to watch for
- Condo fees: Are owners behind? Large arrears can signal cash flow problems.
- Special assessments: Unexpected bills that can hit buyers with big costs.
- Reserve fund: Low reserves mean future unexpected fees.
- Legal actions: Lawsuits against the corporation are red flags.
- Rules and restrictions: Rentals, pets, renovations — these affect buyer demand.
If the certificate shows problems, buyers can back out during the review period. That’s why every seller should get one early.
How to get a status certificate and timing
Request it from the condo management or board. Expect a fee (commonly $100–$250). Processing can take a few days to a couple of weeks. For sellers, order it before listing or immediately after you accept an offer. For buyers, review it fast and consult your lawyer.
Practical steps for sellers to speed closing
- Order the status certificate early and share it with serious buyers.
- Fix small issues before listing: clear arrears, confirm rules, and document maintenance.
- Disclose known issues up front to build trust.
- Work with a real estate lawyer to interpret any legal items.
These steps reduce surprises and keep the sale on track.
Red flags that slow or kill deals
- Multiple special assessments in recent years.
- Ongoing litigation involving the board or building.
- Large outstanding common expenses.
- Stricter-than-advertised rules that limit buyers.
If you see these, price accordingly and be prepared to negotiate.
Final word — be proactive, sell faster
Selling condos is a business. A clean status certificate speeds deals, builds buyer confidence, and boosts final sale price. If you want to sell fast and avoid costly surprises, get the status certificate early, read it closely, and act on what you find.
Need help navigating a status certificate or selling condos in Toronto? Contact Tony Sousa — local realtor who closes deals cleanly and fast. Email: tony@sousasells.ca | Phone: 416-477-2620 | https://www.sousasells.ca
