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If you're buying a condominium in Ontario, you can request that the sellers provide you with the building's status certificate and attachments. These documents explain the financial and legal health of both the unit and the condo corporation.
Understanding them is essential - they help you see exactly what you're buying into and whether there are any risks you should address before finalizing your purchase.
What the status certificate and attachments include
The status certificate and its attachments are prepared by the condominium corporation. While every corporation organizes its documents a little differently, the contents are generally the same across Ontario. Together, they give you a complete picture of the building's finances, legal standing, rules, and long-term planning.
At the centre is the status certificate, which provides a snapshot of the corporation and the unit at a specific moment in time. It confirms whether the current owner is up to date on common expenses, whether any special assessments were issued, and whether the corporation is aware of issues that might affect the unit or the building as a whole.
Since this information is important, buyers typically rely on their real estate lawyer to review the status certificate and attachments. At Ownright, we help clients understand what these documents mean in practical terms, and highlight anything that might affect their decision to move forward.
Core documents found in the attachments
The attachments expand on what the status certificate summarizes. They allow the buyer - and the buyer's lawyer - to take a deeper look at the condo corporation's financial stability and governance.
Some of the most important attachments include:
The declaration, bylaws, and rules: These set out how the condo is governed and the restrictions that apply to unit owners. They often include rules related to pets, renovations, parking and locker usage, short-term rentals, and noise restrictions.
Financial statements, auditor's report, and annual budget: These documents show how the corporation manages its money, what it spends on operations, and whether expenses are rising. They also reveal how much is being contributed to or withdrawn from the reserve fund.
The reserve fund study: This long-term planning document forecasts major repairs (such as roof replacement, window systems, elevators, or other capital work) and evaluates whether the reserve fund is adequately funded for the decades ahead.
Together, these documents help determine whether the condo corporation is financially sound and well-managed --- two of the biggest factors affecting your experience as a future owner.
Additional documents you may find
Some status certificate attachments include further information depending on the building's circumstances. These may include:
Legal disclosures, outlining any legal proceedings involving the condo corporation;
Insurance certificates, confirming the corporation's coverage for property damage and liability;
Recent meeting minutes, which can reveal resident concerns, upcoming projects, or decisions that may affect common expenses
Not all corporations provide meeting minutes or detailed correspondence, but when they're available, they can offer valuable insight into what is happening behind the scenes.
Why these documents matter
The status certificate and attachments are one of the most important sources of information for condo buyers. They help you understand whether:
The corporation is financially stable
Any major repairs or special assessments are expected
Monthly maintenance fees are likely to change
The unit is in good standing
Any rules or restrictions may impact how you use your unit
Since these documents reflect a specific date, it's also important to consider timing. For title insurance purposes, status certificates must be dated within 60 days of closing. If it's older than 60 days, a new certificate will be required before closing. If it's dated within 90 days, a verbal update from the condo corporation may be acceptable - but beyond 90 days, a full new certificate is required.
This timing requirement is something your Ownright lawyer will flag immediately so you don't incur unnecessary rush fees later in the transaction.
The bottom line
The status certificate and its attachments provide a detailed picture of the condominium corporation's finances, rules, and potential risks. Reviewing them carefully is an essential part of protecting yourself as a buyer and ensuring you understand exactly what you're purchasing.
At Ownright, we help clients interpret these documents, highlight important findings, and explain everything in plain language so they can make informed decisions with confidence.
