What is a Status Certificate?

A condominium status certificate is a detailed report about the status of a Mississauga condominium. It outlines valuable information including but not limited to; the amount of money in the condo reserve fund, whether or not any major work needs to be done on the condominium, any claims or lawsuits made against the condominium, any special assessments made against the unit owners, the condo budget, insurance information, number of units leased and more.

Also included within the documentation is the exact cost of monthly condo maintenance fees as well as any outstanding payments.

The status certificate not only includes the above financial statements but also the condo declaration and condo bylaws. The declaration outlines all of the rules and regulations of the condo. For example, the pet provision which states whether or not pets are allowed in the building.



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