Thursday, February 3, 2011

2 Conditions Down.....1 To Go

After signing off yesterday on the condition that I was able to get a mortgage, the final condition needs to be met by 5:00pm tonight.  Once my real estate lawyer has reviewed the condo's Status Certificate and Attachments look good in his eyes, I can sign off, making all conditions fulfilled.

What is a Status Certificate you ask?
The status certificate is a document, as per the Ontario Condo Act, that provides a stack of information on rules, declaration, by-laws, budget, reserve fund, insurance, management contract, minutes of the last annual general meeting, mention of any lawsuit involving the corporation, and any arrears or lien that a particular suite might have.  (source)

It'll be another nerve wracking day before I get the go ahead to sign off!

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