Casa Condominium Toronto |
It is available from some in print and other via Conduit online. The lawyers that I work with request an original Status Certificate with a Corporate Seal. It is imperative that Corporate Seal and an original Signature are there.
Your bundle of documents that we are waiting for includes;
- Condo Declarations
- ByLaws
- Rules and Regulation
- Statement of valid Insurance
- Most recent Audited Financial Statements
The Status Certificate itself declares;
- No Special assessments are contemplated
- Current reserve status << Do we have money or not
- What the maintenance fee is
- Correct parking
- Correct locker
- Correct unit descriptions
- Are the condo fees currently up to date?
- % of Owner vs Tenanted in the building
- Long Term plans for financial Capital Spending.
Once a Buyer has these in their hands they can make an intelligent decision about whether they want this building or not. If you have a HUGE bill coming, why would you buy in? 10 day cooling off period does not apply to resale units. NO TAKE BACKS
The condition is contained in the contract [Agreement of Purchase and Resale Condominium] for this reason for an additional 5 days once we receive the "bundle", with your lawyer.
Then we remove your condition and you have a firm and binding agreement.
No comments:
Post a Comment