Condo Owners Association COA

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Status Certificates and why do you need one?

A status certificate is the report as per Section 76 of the Ontario Condo Act which outlines the current state of a Condominium Corporation.  It contains an assortment of extremely important details on your condominium.  A key item noted on the status certificate is any large increases which may come into effect, special assessments and any arrears or liens on any particular suite or the Corporation.


A Status Certificate includes:

  1. Condominium Declaration
  2. By-laws, Rules and Regulations 
  3. Copy of the Insurance certificate of the Corporation
  4. Copy of the Corporation Insurance Certificate
  5. Most Recent Financial Statements outlining operating budgets, reserve fund and any surplus etc.
  6. Cover letter with Board of Directors signature confirming contents of Status Certificate
  7. Notification of Special Assessments as ratified by the Board of Directors 
  8. Notification of any large increases and/or any items of importance 

Buyers Status Condition on Agreement of Purchase and Sale

The status certificate discloses information to a potential Buyer about the Condominium.  A Buyer purchasing a condominium should include a Status Condition clause where the Sellers will provide the Buyer with a Status Certificate within 10 days.  The condition will include an additional 3 banking days for the Buyers Lawyer to review the Status to their satisfaction.  If the Status is acceptable to the Lawyer, the Buyer will be instructed to waive the Condition on Status Review based on their Lawyers recommendation.  They will sign a waiver to release the condition and their Purchase and Sale Agreement is now firm.   In the event that the Buyer's Lawyer is concerned about anything on the Status Certificate and the concern cannot be remedied, the Lawyer will most likely recommend that the Buyer not waive the status condition and release the Agreement of Purchase and Sale.  The Buyer will sign a Mutual Release to terminate the Agreement of Purchase and Sale with the Seller and the Listing Brokerage will return the Buyers deposit without interest or deduction.  The Buyers deposit would have been held in trust for the Buyer pending the completion of the transaction.  In many cases the Status Certificate may only be valid for 30 days as per the Buyers Lawyer's request however traditionally it should be 60 days.  

Status Certificate Requisition

Whether the Seller requisitions the Status through an online portal or can also submit a written request by contacting their Property Management office, the cost is approximately $125.00 - $150.00 depending on each Corporation.   Not all Corporations have their Status Certificate available online.    According to the Condominium Act, a Provincial Legislation, the Condo Corporation has 10 days to satisfy the request.  It can either be a hard copy from the Corporations Property Management office or through an online portal such as Conduit, assortment of pdf files with the above information.   It will also include a cover letter to identify the legal description of the specific condo unit as well as the current maintenance fees attached to that unit along with the costs being covered in the maintenance fee.  
 

Periodic Information Certificate

In some Corporations, certainly those who have Board of Directors who practice transparency in a stronger fashion do sent out a Periodic Information Certificate (PIC) twice per fiscal year to all Owners.  Generally it is within 60 days of the end of the first quarter and 60 days of the end of the third quarter.  This PIC includes important information regarding the Board of Directors, the corporation finances, insurance, reserve fund, legal proceedings and other matters such as changes to any By-Laws and/or Rules and Regulations.  


Building or Developer preparation of Original Condo Declaration and By-Laws 

The Ministry of Government and Consumers Services oversees the Condominium Act.  In March 2010, Founder CEO of the Condo Owners Association, Linda Pinizzotto challenged the Act when she created the COA.  The first plan of action was to meet with Minister John Garretson, of the McGuinty Government.  It was an enormous challenge and before the Province experienced a change in Government from the McGuinty to the Wynn Government, Premier Dalton McGuinty announced the  CONDO ACT REVIEW  


Human rights Code of each Province 

It is common for the Builder or the developer to draw up a set of rules and regulations along with the Builder's law firm to prepare the declaration and by-law.   Section 58 (1) of the Act must promote safety, security and welfare of Owners and their property as well as the Assets of the Corporation.  

Human Rights Code of Ontario

Published in Buying a Condo

Click on links below for articles

Tax Auditors target condo sellers in hunt for "flippers"

Honest Advertising for condo projects

2 more drug labs found in Scarborough Highrise

Ont Government Stricter Requirements for Balcony Glass

CANADA.COM

Condo Buyers Research Builder - National Post

CONDO BUSINESS  REMI NETWORK

Honest Advertising for Condo Projects

GLOBAL NEWS TORONTO

Condo-shopping? Be wary of window repair cost

METRO NEWS

Changes to Condo Act will offer greater protection Liberals say

 Toronto Condo Fraud: Embezzlement, Kickbacks and bid-rigging

MISSISSAUGA NEWS

Realtor Rallies Disgruntled Condo Owners

Fraud Allegations Shock Condo Owners

Mississauga business welcomes Trudeau with hesitation

City lets Mayors' Caucus take lead on land transfer tax

Condo Life means pared-down seasonal decorating

Expert to Province: Tread carefully with Condominium Act Revision

Mississauga's real estate sector expects another good year ahead

COA pres says Condo Act revisions don't go far enough

Significant number of Marilyn Monroe condo units being sold

Condo Act Review lobbyist calls for more owners to join the fight

Interest groups divided over condo act lobbying efforts

OMB rejection won't deter Oakville homebuilder says Realtor

 NATIONAL POST

Condo Buyers - by Helen Morris, National Post

NEWS RELEASE PROVINCIAL GOVERNMENT

Building a Better Condominium Act

QP Briefing - Queen's park

Condo Changes won't come soon

REM REAL ESTATE MAGAZINE remonline.com

Ontario moves to License Condo Managers

SIMCOE COUNTY

Vaughan condo fire leaves owners in limbo

THE SPEC - Hamilton - thespec.com

Strong United Voice Would Help Protect Condo Owners

TORONTO SUN

Understanding Condo Insurance - Condo Hero

Mississauga Condo Owners now two  months without elevators

TORONTO STAR

Push to Revamp the Condo Act

Property Manager bilked $20 M in condo fraud

Condo Life means pared-down seasonal decorating

Toronto Star Queens Park - Changes to Condo Act will offer protection

Cost of Gridlock - is that condo parking spot becoming an albatross

Condo Owners should have more say, panel recommends

TORONTO ist

Will Condo -Dwellers have a say this election?

TORONTO MORTGAGE GROUP.COM

Windows Tempt Buyers

OTHER REPORTS & ARTICLES

Condo Conundrum by Ted Kesik, PH.D. P.Eng UofT

Can Highly Glazed Building Facades be Green? by John Straube, University of Waterloo

YOUR WARD NEWS

Round Two in the Condo Bullpen

 

TV NEWS 

CP24 NEWS

New Ont. rules aim to prevent glass falling from balconies

Glass falls from condo, stretch of Bay Street closed

High-rises making firefighting harder, Stewart Says

Woman injured by falling glass - Street closed by falling glass

City Inspectors called in after glass falls from building

CBC NEWS - THE NATIONAL

Throw away Buildings - The slow-motion failure of Toronto's glass condos

Throw away Buildings - Thermal Window Failure: How it Happens

Fallen condo glass being investigated

Window pane falls from Ottawa Condo Balcony - Ottawa CBC News

 
DOCUMENTARY FILMS

 CBC                                                                                                     

CBC Condo Game Documentary    Click Here  "The Condo Game Info

Note:  COA Founder President worked with Bountiful Films on this Documentary

Published in News Articles