Who should pay for a Status Certificate?
Clifton Kok LLP
Michael H. Clifton, a lawyer with Clifton Kok LLP wrote a memo on why
they believe a potential buyer should pay for a Status Certificate.
Their reasons are:
Currency
The status certificate will be fresh.
Certainty
The buyer will be certain that the seller did not remove or alter any information.
Guaranteed access to additional information
Only the purchaser of the status certificate is guaranteed extra information which includes:
Examination of agreements
(7) Upon receiving a written request and reasonable notice, the
corporation shall permit a person who has requested a status
certificate and paid the fee charged by the corporation for the
certificate, or an agent of the person duly authorized in writing, to
examine the agreements mentioned in clause (1) (k) at a reasonable time
and at a reasonable location.
The agreements include:
(j) a list of all current agreements mentioned in section 111, 112 or
113 (of the Act) and all current agreements between the corporation and
another corporation or between the corporation and the owner of the
unit.
My take
Lawyers are by nature cautious. However this is good advice. You are
talking about a $100 purchase for a unit costing hundreds of
thousands.
Never buy a condo without taking a good hard look at the full status
certificate package and hire someone to review it for you if you have
trouble understanding it.
Suggestion
I suggest that you take a look at all the other blogs that Clifton Kok LLP has posted. They are very well written and informative.
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