What is a Status Certificate and what type of information is included in it?

A status certificate is a document provided by the condominium corporation to buyers of resale condos that provides a snapshot of the unit as at the date that the certificate is issued. In most cases, if the building is serviced by a property management company, it is prepared by the property manager. A status certificate contains important information about the individual condominium unit as well as the condominium corporation and the common expenses. Among other things, the certificate would indicate if the current unit owner is in default of paying the monthly common expenses, if an increase in the common expenses has been declared by the condominium board, and the amount in the reserve fund.