What it is
A snapshot of the corporation's health
Requested from the condo corporation, it covers the budget, reserve fund, insurance, any lawsuits, rule changes and whether any special assessments are planned.
Condos, decoded.
A condo is two purchases at once.
You're buying your unit, and you're buying into a corporation that runs the building. The paperwork below — the status certificate, the reserve fund, and your monthly fees — is how you find out whether that corporation is healthy before you commit.
Buying
The status certificate
The single most important document in a condo purchase.
What it is
Always have it reviewed
Have your real estate lawyer review the status certificate before you finalize — it's a legal document and the details matter more than they look.
What it is
Watch for red flags
A reserve fund that looks thin for the building's age, a pending or recent lawsuit, frequent special assessments, or rule changes you weren't expecting.
Owning
Reserve fund & maintenance fees
What your monthly cheque is actually paying for.
Reserve fund
The building's savings account
Set aside for big future repairs — roof, elevators, parking garage, windows — so the whole building isn't caught off guard at once.
Reserve fund
Backed by a reserve fund study
An engineer periodically assesses what the building will need to repair and when, and whether the fund is keeping pace. Ask for the latest study.
Maintenance fees
What they typically cover
The building's insurance, common-area maintenance and staff, landscaping and snow removal, and the reserve fund contribution — sometimes heat or water too, depending on the building.
Maintenance fees
What they don't cover
Your own unit's interior, your own contents insurance, and usually your own hydro and internet — check your specific declaration for exactly where the line sits.
Special assessments
What they are & why they happen
A one-time extra charge to all owners, usually because the reserve fund fell short of an unexpected or major repair. A healthy reserve fund is your best protection against one.
Rules & by-laws
What else to check
Every building sets its own rules — read them before you assume.
By-law
Pets
Some buildings limit size, number or breed, or ban pets outright — confirm before you fall in love with a unit.
By-law
Renting out your unit
If you might rent it out, check the rental rules and any caps on the percentage of units that can be tenanted.
By-law
Renovating inside your unit
Many corporations require approval before you touch flooring, plumbing or anything behind a wall — ask before you plan a reno.
Your condo buyer checklist.
Tick them off. Your list saves on this device.
- Request and read the status certificate
- Have your lawyer review it before you commit
- Check the latest reserve fund study
- Ask about any planned or recent special assessments
- Confirm what your maintenance fee covers
- Read the pet and rental by-laws
- Ask about any pending lawsuits against the corporation
Please note: this is general guidance, not legal or financial advice. Every condo corporation is different — have your real estate lawyer review the actual status certificate for any unit you're considering. Talk to Cheryl & Charlie about what to look for in a specific building.
Looking at a condo in Durham Region?
We'll help you read the status certificate, understand the fees, and know what questions to ask before you commit.
Talk to us about a condo