Sentences with phrase «status certificate»

If you're still requesting your condo status certificates by fax, there's a better way.

The moral is as follows: when preparing status certificates, always make sure that they are complete and accurate.

· Perform corporate searches and obtain status certificates to verify that a prospective tenant's legal entity is valid and active.

The court held that the corporation had provided a faulty and incomplete status certificate.

If a condo, get a condo status certificate — yes the giant document that tells you everything there is to know about the condo and condo corporation, including the financial status.

Do Condominiums Need to Disclose Mediations and Human Rights Complaints in Status Certificates?

The Board had also issued status certificates for a new mortgage against the units in arrears, indicating that there were no arrears.

«With most lawyers, agents call asking if they have reviewed status certificates,» Feld continues.

The recent court decision in the case Metropolitan Toronto Condominium Corporation No. 673 v St. George Property Management Inc. shows the potential risks posed by an inaccurate status certificate.

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.

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.

Paragraph 19 of the standard status certificate form prescribed by the Condominium Act regulations requires the condo corporation to confirm that it is not a party to a proceeding before a court of law, an arbitrator or administrative tribunal.

In his decision, the Small Claims Court Judge described a number of acts or omissions that could amount to insubordination, recklessness and / or gross negligence: issuing incorrect status certificates, delays in preparing banking documents for signature, late payments, failure to provide reports to the Board.

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.

This is another cautionary tale about status certificates.

The decision clarifies that status certificates sometimes won't bind a condominium corporation beyond the year in which they were issued.

Conduit enables you to obtain Condo Status Certificates without the hassle of couriers, car trips and certified cheques.

Since D - Tech's Conduit became available through GeoWarehouse, subscribers can request, pay for and receive their condo status certificate online.

In a separate court process (between the corporation and the purchaser), it was determined that the purchaser could not be forced to contribute to the special assessment for the roof replacement, because of the inaccurate status certificate.

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

(a) the price is inclusive of all fees for legal services, disbursements, third party charges and other amounts except for the harmonized sales tax and the following permitted disbursements: land transfer tax, government document registration fees, fees charged by government, Teranet fees, the cost of a condominium status certificate, payment for letters from creditors» lawyers regarding similar name executions and any title insurance premium;

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.

* Condo documentation: If you're buying a condo or strata - townhome, you'll also need to include the condo corporation's financial statements and status certificates.

Any status certificate subsequently issued in relation to the unit must make reference to the alteration (in paragraph 23 of the certificate).

One note of caution: for any unplanned expenditure (not predicted by the reserve fund plan), remember to consider whether or not the unexpected depletion of the reserve fund could result in an increase in reserve fund contributions in the future (which might need to be disclosed in paragraph 12 of the status certificates).

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.

She also requests a tax certificate, a status certificate to ensure that common element expenses are paid to date, a proper appraised value of the property and a request for an assignment of the rent registered on title to ensure rent can be collectable by the lenders in the event of default on rental property.

If, however, the matter is not settled at mediation and an arbitration is subsequently scheduled, then we would recommend referencing the arbitration in the status certificate.

We are often asked by clients whether there is an obligation to include ongoing human rights complaints and scheduled mediations in their status certificates.

In paragraph 12 of the status certificates, a condominium corporation must disclose any circumstances, of which the corporation is aware, that may result in an increase in the common expenses for the unit.

Even if there is not a significant risk that the corporation would need to pay any damages to the party who commenced the human rights complaint, the fact that the corporation is a party is sufficient for the complaint to be referenced in the status certificate.

Section 76 (1)(h) of the Condominium Act states that the status certificate shall include «a statement of all outstanding judgments against the corporation and the status of all legal actions to which the corporation is a party.»

On the other hand, we do not believe that scheduled mediations between a corporation and an owner or between two corporations (i.e., a shared facility dispute) would need to be disclosed in a status certificate, as these are not «proceedings» that could lead to any judgment being ordered against the Corporation.

We see them most commonly in busy real estate practices, where rushed lawyers miss deficiencies in a condo status certificate, misread a survey, or don't find out the long - term plans a client may have for a property (so that they can ensure those plans are viable).

In addition, acting on the advice of legal counsel, the Board passed a motion to include wording about the single family restriction in the corporation's status certificates.

76 (1) The corporation shall give to each person who so requests a status certificate with respect to a unit in the corporation, in the prescribed form, that specifies the date on which it was made and that contains,

170 In addition to the material mentioned in subsection 76 (1), a status certificate in the case of a leasehold condominium corporation shall include,

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,

May include pre — conditions before the agreement will be valid - such as a satisfactory home inspection, financing, review of the status certificate, or the sale of current home.

At the same time, this decision emphasizes the importance of ensuring the accuracy of a status certificate.

So, the purchaser was only entitled to avoid the common expenses (related to the parking units) during the fiscal year in which the status certificate had been issued.

However, if the unit is to be inspected, the inspection would have to be carefully conducted to ensure that any apparent violations are noticed, are then mentioned in the status certificate, and are otherwise followed - up for resolution as appropriate.

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

we see them most commonly in busy real estate practices, where rushed lawyers miss deficiencies in a condo status certificate, misread a survey, or don't find out what long - term plans a client may have for a property (so that they can ensure those plans are viable).