Sentences with phrase «condominium status certificate»

As a result of bidding wars for condominiums, buyers are being asked to review a condominium status certificate in advance in order to submit an offer without conditions.

Not exact matches

In any event, condominium corporations may need to include a warning, in paragraph 12 of their status certificates, if there are common element features, or assets, that won't require repair or replacement until after the period covered by the corporation's reserve fund study (whether the period is 30 years, 40 years, or more), and which have not otherwise been included as part of the analysis for the required funding contributions.

148 In addition to the requirements of subsection 76 (1), a status certificate for a unit in a phased condominium corporation shall contain a copy of the disclosure statement that the corporation has received from the declarant under subsection 147 (5) with respect to the phase that contains the unit unless the declarant,

So, to me, the message is as follows: If a condominium corporation can not be reasonably sure about the accuracy or completeness of a given status certificate, the condominium corporation may have a duty to make further enquiries; and in some cases this may mean that the unit should be inspected.

Some condominium corporations may decide to inspect the unit prior to issuance of each status certificate.

Because of the mistakes, the condominium corporation incurred significant costs to deal with a dispute between the condominium corporation and the purchaser who received the status certificate.

One key message in the Rainville decision is as follows: A condominium corporation has a duty to take reasonable steps to verify statements made in the corporation's status certificates (previously called estoppel certificates).

This raises the following question: Should condominium corporations mention this (now) in the status certificates?

So, in that sense, the purchaser's claim against the condominium corporation succeeded (again, because of the inaccurate status certificate).

No. 54, the status certificate prepared by the condominium corporation had failed to include the monthly common expense amounts related to two parking units which formed part of the property the purchaser was acquiring.

This case provides a wake - up call to property managers and condominium corporations: it is crucial that the information contained in the status certificate is accurate, as purchasers are entitled to rely on them.

A recent Court of Appeal decision, Orr v. MTCC 1056, highlights the need for condominium corporations to provide accurate status certificates to prospective condo unit purchasers.

In that lawsuit the Divisional Court concluded that as the status certificate «did not make full and complete disclosure of the state of the condominium corporation's finances» and did not comply with the requirements of the Condominium Act, 1998, the unit 13 purchaser was not required to pay the special assessment for the roof replacement.

In a recent case, a condominium management firm was held responsible to pay a condominium corporation for financial losses incurred as a result of an error in a status certificate issued by the manager.

If the Board does not provide any such pertinent information to the manager, which results in an error / omission in the status certificate, then the condominium corporation (and ultimately all of the unit owners) will be responsible for the mistake.

As the contents of the status certificate can be crucial to a purchaser in making a decision as to whether to proceed with the purchase of a condominium unit, managers must constantly be reviewing and updating the information in the status certificate to ensure that it is complete and accurate at the time that it is issued.

The application judge concluded that s. 76 of the Condominium Act, 1998 was clear and unequivocal and that the condominium corporation was bound to its clean and clear status certificates from 2004 and 2013, and that it could not rely on the alleged breach in its 2016 status certificate.

In a condominium purchase, if it is conditional upon review of a status certificate, use that time to also make sure their financing is in order.