What Is A Status Certificate in Toronto Real Estate?

A status certificate is a condominium document that outlines the building’s financial, legal, and operational health, which is essential for buyers to review before closing.

When buying a condominium in Toronto, reviewing the status certificate is one of the most critical steps in due diligence. Valid for 30 days, this document provides buyers with a comprehensive snapshot of the condo corporation’s health at a specific point in time.

Why Is The Status Certificate Important?

It reveals the condo’s financial stability, legal issues, and unit-specific details that could affect your purchase.

• Financial health: Outlines the condo corporation’s budget, reserve fund, and any liabilities, helping you avoid buildings with underfunded maintenance or looming special assessments.
• Legal and governance details: Lists ongoing lawsuits, rules, bylaws, and upcoming fees that may impact owners.
• Unit-specific information: Flags arrears in everyday expenses, or whether past renovations comply with bylaws.

How Do You Get A Status Certificate?

Buyers request it from the condo’s property manager, typically for $100, and it must be delivered within 10 days under Ontario’s Condominium Act.

Once obtained, the document should be reviewed by an experienced Toronto real estate lawyer. They can interpret financial tables, legal jargon, and identify risks—explaining in plain English what it means for you as a buyer.

The Fox Marin Team ensures that every client purchasing a condo receives a comprehensive legal review of the complete status certificate. Fox Marins network of trusted and highly experienced Toronto condo lawyers helps buyers understand the fine print, avoid surprises, and move forward with confidence.

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