• When you purchase a freehold property, you have property taxes. When you purchase a condo, you have property taxes AND a condo fee so you need to be careful of that. It can be, and will likely be, increased over time. Everyone in the condominium pays into a condo fund which is managed by an individual or group and the funds are used to do things like maintenance and upgrades. This is where the status certificate comes in. The status certificate, that should be reviewed by your lawyer or another professional, will communicate the status of this fund and the condominium. So if it has not been managed well, it may be depleted and so on. Or there may be a special assessment where all the electrical or plumbing needs to be replaced etc etc.

    That’s why it’s very important that the status certificate is ordered and reviewed to avoid any surprises. So I would strongly advise making any offer on a condo, conditional on receipt and review of the status certificate!

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