Buying a condo, the right way.
A condo purchase adds one document that decides whether the building is sound. The status certificate. Khan Law reviews it, checks the reserve fund, and closes the purchase.
Book a 15 minute callThe status certificate
The status certificate is a package the corporation must provide within ten days for about 100. It shows the reserve fund, any special assessments, lawsuits, rule violations, and the monthly fee. Khan Law reviews it to flag a building heading for a special assessment before you are committed.
Resale versus pre construction
A resale condo closes like a house once the status certificate clears. A pre construction condo has a ten day cooling off period, interim occupancy before final closing, and builder adjustments that can add thousands. Khan Law reviews the agreement during the ten day window.
Closing costs unique to condos
On pre construction, watch for development charges, warranty enrolment, and utility hookup fees passed to the buyer. Khan Law reviews the disclosure statement and caps these where the agreement allows.
Important considerations
- Use the ten day cooling off period on pre construction to have the agreement reviewed.
- A thin reserve fund signals a likely special assessment. Read the status certificate.
- Builder adjustments on pre construction can add thousands at final closing.
Frequently asked
What is a status certificate and do I need it?
It is the corporation financial and legal snapshot. Always review it on a resale condo before the deal goes firm. It reveals special assessments and reserve fund health.
Is there a cooling off period on a resale condo?
No. The ten day statutory cooling off period applies only to pre construction purchases from a builder.