Monday, July 22

Condo Status Certificates: Everything That Is There to Know

You might be an interested buyer who is looking forward to purchasing a condo in Charan Area (คอน โด ย่าน รั , which is the term in Thai), either because you want to move into a better residence or you wish to enjoy greater amenities. The condos are strategically situated in places that allow their residents to enjoy better access to a plethora of facilities that range from workstations to schools and retail outlets. 

The condos are any day a more lucrative offer than individual homes. Condos are shared living arrangements, which lets you share the building with various other residents.

Condo Status Certificate: Understanding It In Details

Most of the people who shift to a condo never fuss about their community life intervening with their everyday lives. It is the directors’ board that manages the condos. They extend their support and help in running through the legal aspect of the residences and creating budgets for the same. You always have to deal with legal paperwork, in matters involving finance and legal. 

The legal paper is quite important when you are planning to buy a condo. This legal paperwork is termed the Condo Status Certificate.

Who Is Responsible For Creating Condo Status Certificate?

It is the Board of Directors who prepares the Condo Status Certificate. It is the certificate that covers all the crucial information that is relevant to the respective unit. The certificate not only provides a detailed report on the property management company but also on the property finances. It always pays off to learn how the building management works and if they have any lawsuits pending with their financial situation. 

The issuance of the Condo Status Certificate adheres to the Ontario Condo Act’s Section 76.

The Importance Of Certificate

If you plan on purchasing a resale condo, then you must ask your lawyer to go through the status certificate once before you finalize the condo purchase. The status certificate is something that can offer you detailed data announcing the condo’s status. The certificate is the report which declares all the rules and regulations of the unit with the building’s present fund reserve, by-laws followed by the financial statements.

Everything That Condo Status Certificate Includes And Involves

A condo status certificate declares all the information regarding the condo that is a buyer you must know about. A few aspects that are included in the report are the unit’s management structure, continued legal issues, the unit’s structure, reserve fund, day-to-day expenses, unit leases, insurance, and future repairs. You can overview the current year’s budget through the provided fiscal report. You get to understand if your condo is strong financially through this report. 

Being a potential buyer, you can always place your order for a condo status certificate, by writing a request and paying a charge. The certificate package will come to you, after ten days of placing your order for the same. The condo status certificate highlights all the important information that is mentioned and more, so you don’t face any surprises in the later years of your buying a condo in the Charan area.