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Archive for the 'Condo Status Certificate' Category

geo1Whether you are representing a buyer or a seller, if a condo is involved you want to read this blog. For the party who buys the condo, their lawyer will request a condo certificate prior to closing. The condo certificate contains information about the management and financial position of both the condo being purchased and the condo’s management corporation.

Why will the buyer want the condo certificate? Because of the information it contains. Drilling down, the condo certificate is very valuable for 3 primary reasons.

  1. The condo corporation – The condo certificate will contain information about the condo corporation’s management structure, expenses and budget. It will disclose if the condo corporation has legal issues and much, much more… This information in totality will support whether or not the condo corporation is in good financial shape. This information may impact the buyer’s decision to purchase.
  1. The condo itself – The condo certificate will reveal the financial standing of the unit in question, including the cost of monthly maintenance fees, inclusions and whether or not the owner is up to date on their payments.
  1. Bi-laws – The condo may have restrictions, such as no pets or how common areas can be used, and this will all be outlined in the condo certificate.

The condo certificate, historically, has been obtained through a lengthy process, beginning with a written request to the condo corporation, paying a fee and then waiting up to 10 days for the certificate to be received. Since obtaining a condo certificate is time consuming and costly, some real estate sales professionals leave it to the lawyer, crossing their fingers. However, this is no longer the only way to obtain a condo certificate.

Technology has changed, and condo certificates can now often be obtained online, payment rendered online, and in some cases delivery of the document can be done electronically – taking courier fees, cheques and time out of the equation.

This makes obtaining a condo certificate for your client easier and more efficient. Obtaining a condo certificate makes all parties to the transaction view you as offering top-notch services because you are taking measures to ensure that everything is checked out at the beginning of the transaction and not on the eve of close.

Condos that make it to closing where condo arrears or some issue that could delay or even prevent a closing appear end up costing everyone. Avoid the hassle today and check out the GeoWarehouse Store to learn how you can start ordering online condo certificates today!

Visit https://www.geowarehouse.ca/marketing/features.php#Premium-Services.

 

 

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geo2The condo market in urban centres like Toronto continue to be hot. With the average price of a single family home exceeding a million dollars in places like Toronto, condos are very appealing for first time homebuyers, couples, seniors and small families.

An individual buying or selling a condo will have different needs than that of an individual or family buying a house.

If you represent a client in the purchase or sale of a condo then you will likely need to obtain an estoppel or condo status certificate. Sometimes real estate sales professionals confuse a letter confirming the client’s financial payment history and standing with a status certificate.

Condo corporations will issue letters confirming that condo fee payments are up to date and that nothing is owing – but this is not a status certificate. A status certificate is the giant 100+ page document that outlines:

  • The financial standing of the homeowner and the unit in question
  • The financial position of the condo corporation – It also reveals how much money is in the reserve fund to cover repairs, special assessments involving repairs that there isn’t money to pay for, pending lawsuits against the condo corporation, etc.
  • The bi-laws
  • Property management and more…

This information is critical to anyone who is going to be buying a condo. If you represent the seller you should obtain one for potential buyers, and if you represent a buyer you should order one for them.

In the past, real estate sales professionals would often leave the ordering of the condo certificate to the real estate lawyer to request. The process of obtaining a status certificate wasn’t an easy one. You would have to write to the condo corporation, pay a fee and then wait up to 10 days for your condo status certificate. Aside from fees to the condo corporation you may also incur currier fees if you are in a hurry.

The good news is, thanks to technology, the process of obtaining a status certificate on a condo in Ontario just got easier because they are now available online.

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

This greatly expedites the process and saves you and your client considerable time and expense. Not to mention the fact that you are able to offer a better and more competitive service to your clients.

Want to find out more about the reports available through the GeoWarehouse store, including the condo status certificate? Visit www.geowarehouse.ca today.

 

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geo2Over the course of your role representing a buyer or seller, due diligence is going to require some extra digging. There are certain things in real estate that when needed could be a real pain to get.

Some examples of this are:

  • Condo Status Certificates – which can take up to 10 days to get and involve a written request, issuance of payment and then pick-up
  • Surveys – would involve a surveyor to come out to the property
  • Instrument Images when things come up on title – liens or other registrations come up on title and the registrant’s contact information is needed in order to get it resolved

Some real estate sales professionals don’t even realize that by being a member of a real estate board your board may have set-up access to GeoWarehouse. A GeoWarehouse subscription provides access to property search and evaluation features – but also access to premium searches, images and reports that can be needed from time to time and are a pain in the butt to get. If available, through the GeoWarehouse Store you can purchase a Condo Status Certificate, survey, Instrument Image or even MPAC Property Assessment report online.

Just realizing that you are a GeoWarehouse member? Here are some vital guides that walk you through how to request various searches, images, documents and reports in the GeoWarehouse Store.

Not a GeoWarehouse customer? Visit www.geowarehouse.ca for more information about how to access this work changing tool!

 

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February 2, 2015

condo status certificateObama is not the only one who can say ‘Yes You Can!’ Wait, did he trademark that? Ok well, even so, if you have requested a Condo Status Certificate in the past then you know it is a behemoth of a document! More than 100 pages in many cases. Why? Because it covers absolutely everything you need to know about a condo and the condo corporation that manages it.

Never mind being huge, the Condo Status Certificate has always been seen as a huge pain in the butt. In the past, you would have to write and render payment to the condo corporation, which in itself could take a few days, but you also would have to wait 10 days and then arrange to have the monster Status Certificate picked up.

Well, the alliance between Teranet and DTech has changed all that.

GeoWarehouse customers can simply run a search on a property and if a Condo Status Certificate is available, you can simply render payment online and receive the condo status certificate digitally!

If you would like to learn more about how you can request Condo Status Certificates online from within GeoWarehouse please visit www.geowarehouse.ca or call us today at 1-866-237-5937.

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condo status certificateDepending on whether or not you deal in condos – if you plan to, it is important to understand what a Condo Certificate is and why it makes sense as a real estate sales professional to obtain one directly when working on a condo deal.

The condo status certificate is a mammoth-sized legal document. Real estate lawyers will always request one on closing but it pays for the real estate sales professional to request one ahead of time to identify any problematic information and to provide the client with even more information about the condo they are purchasing. The condo certificate provides important information about:

  • The financial status of the condo corporation that is administering and maintaining the code – if the condo corporation is in financial trouble you may want to consider what this means for your client moving forward.
  • The financial status as it relates to the particular unit. This should include the amount of condo fee payments, the status of payments, indicate any arrears – your client will have to clear up any arrears in condo payments or liens that have arisen as a result of unpaid condo payments.
  • Monthly fees
  • Any large increases in fees that are planned to come into effect or are even being considered for that matter.
  • Arrears on any particular units.

It also includes the condo declaration, by-laws, budget, reserve fund, insurance, management contract, rules, minutes of last general meeting, disclosure of law suits, disclose rules such as what pets/animals you can have, rules about use and declaration of external parts of your property like balcony or patio, etc…

There are two ways to obtain a condo status certificate:

Mail – It may be requested in writing to the management company. They may take up to 10 days to produce the condo certificate. You will likely have to pay the standard fee of $100.00 plus HST plus postage for the condo certificate. Generally speaking the fee is paid up-front when the written request is made. Many management companies are not equipped to take electronic payment so you will have to ship over a cheque.

Online – If you are a GeoWarehouse customer and a condo status certificate is available on a property that you search, it can be purchased through the GeoWarehouse Store. You will then receive the condo status certificate electronically which is faster and more efficient than mailing the request and payment – oh yes, and with the online option you can pay for the certificate in the GeoWarehouse Store by credit card.

Either way – once the offer has been made and accepted, you may want to consider getting a condo certificate right away. Also, some real estate sales professionals have reported requiring a review of a clean condo certificate as a condition in the offer. In this case timing is even more important. Once you have had a chance to review the condo certificate you can give your clients the thumbs up that there are no issues with their deal. Alternately, if representing a condo seller, having the condo certificate is a value add because you can show that the condo has a good corporation, a solid management company, and that the unit being sold is in good financial standing.

Don’t get stuck with a bad deal because a condo status certificate, ordered later rather than sooner, showed some questionable findings. Check out GeoWarehouse today to order yours online: www.geowarehouse.ca.

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April 14, 2014

Condo Status CertificateIn the past, Condo Status Certificates have typically been a pain to obtain. The old process (and still the process some real estate professionals are using) was to request the Status Certificate from the condo corporation in writing, enclosing a fee. The condo corporation would then deliver the Condo Status Certificate to the requestor within 10 days.

Fortunately, this process has become a whole lot simpler. With innovations like the D-Tech Conduit Property Management System integrated into systems like GeoWarehouse (a web-based, centralized property information source that provides state of the art mapping and research tools, as well as professional reports), it has become far easier to obtain a Condo Status Certificate online.

If the condo corporation from which you want to request a Status Certificate is participating, you may order and fulfill that order online in the GeoWarehouse Store and receive your document electronically. This eliminates the need for couriers, trips to the bank to obtain certified cheques and other hassles associated with obtaining a Condo Status Certificate the old way.

You must be a GeoWarehouse customer to purchase a Condo Status Certificate through GeoWarehouse. If you are a GeoWarehouse customer here is how to request a Condo Status Certificate online:

1.            Firstly, locate a subject property by performing a search on the GeoWarehouse homepage.

2.            Once you have located the property, click on ‘Property Details.’

3.            Beside the Condominium Information heading, if there is a little orange GeoWarehouse Store icon with the words ‘Condo Status Certificate,’ this means that a Condo Status Certificate is available.  If you have performed a search and don’t see the icon, this means that the GeoWarehouse Store doesn’t currently have a Condo Certificate for the subject property.

4.            After clicking on the icon, a window will appear directing you to the Conduit website where you can login and complete the purchase of your Condo Status Certificate.

5.            If you have never used Conduit and don’t have an account, you can create one. Once you have a Conduit account (and anytime you see that a Status Certificate is available on GeoWarehouse), you can use the service to obtain your Condo Status Certificate online.

For more information about how to order your Condo Status Certificate online please visit www.geowarehouse.ca, or for resources on this topic please visit http://www.geowarehouse.ca/marketing/resources-geowarehousestore.php.

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October 21, 2013

Condo Status CertificateWe are happy to report that yes, it is so! We all know that requesting a Condo Status Certificate is probably one of your least favourite aspects of closing a deal. However, now it doesn’t have to be!

Traditionally, the process of requesting a Condo Status Certificate required tracking down the appropriate person at the condo corporation, making your request in writing (usually by fax) and then having to mail payment by certified means before they will even get started on the request. Next you can wait up to 10 days before the Condo Status Certificate is ready and arrange a courier to pick up the massive document.

Seems like a complicated, time consuming way to go about getting something, especially given the fact that it is 2013 and technology makes virtually every other aspect of our life effortless.

GeoWarehouse has made the process of requesting Condo Status Certificates a little bit easier. While many are not fully available for online viewing, they can be requested online through the GeoWarehouse Store.

What does this mean to you? It means that you can simply access the GeoWarehouse Store, request a Condo Status Certificate online, pay by credit card and then either receive it electronically or, if it is not available electronically, arrange to have it picked up.

Yes, it’s that easy!

If you are listing a condo or representing a buyer then you know that you will need a Condo Status Certificate as it provides complete disclosure with respect to the financial standing of the condo corporation. It can also reveal if the condo owner is in arrears on their condo fees. It pays to get it before your deal is finalized as it will make for a smoother closing and help you to identify issues that could come up upon closing once the real estate lawyer gets their hands on it.

If you are a real estate sales professional who does not specialize in condos but it is an area you want to get into, Miller Thompson released a really good whitepaper titled “Condominium Ownership – What You Need to Know”(http://www.millerthomson.com/assets/files/article_attachments3/MT_A-Residents-Guide-Living-and-Buying-a-Condominium_A-Loeb.pdf ). This whitepaper highlights a lot of useful information as perceived through the eyes of a lawyer as it relates to condo purchases. It also highlights the purpose and necessity of a Condo Status Certificate.

Get ahead of issues before they become issues and save yourself time in the process with an online Condo Status Certificate request through the GeoWarehouse store. Visit www.geowarehouse.ca or call 1-866-237-5937.

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July 8, 2013

Condo Status CertificateThousands of condos are sold in Ontario each year; to purchase or sell a condo requires a condo status certificate. This is because condos are managed by a condo corporation and there are fees involved to the corporation and bi-laws that regulate what condo owners are allowed and not allowed to do.  Generally the condo status certificate is requested by the real estate sales professional or the real estate lawyer.

Condo status certificates are an important part of a condo sale because they provide the buyer with essential information about the financial status of a condo corporation. It will include the condo fees, it will indicate if any large increases to the condo fees are planned and more. It will also contain information about the financial status of a particular unit. The condo status certificate will confirm if the owner of the condo that your client is buying is in arrears on their condo fees or if there is a lien on the condo by the condo corporation for any reason. The condo status certificate will also disclose a host of other information, such as if and what types of pets are allowed in the building and whether or not the condo corporation is involved in any lawsuits.

It is not uncommon for a condo status certificate to be more than 100 pages in length.

Traditionally obtaining condo status certificates has been a time consuming process:

  1. The condo status certificate must be requested in writing from the condo corporation – this means that a letter will have to be prepared. Connecting with condo corporations can sometimes be challenging because smaller ones sometimes are only open part time or sporadically.
  2. There is a fee of $100.00 or more – this requires getting a certified cheque.
  3. The condo corporation has up to 10 days to send back the condo status certificate. While some will fax or drive their condo status certificate request to the condo corporation, many others opt to incur the expense of a courier. This ensures that there was a record of the request having been delivered, starting the 10 day time  clock.

The old way of obtaining condo status certificates has changed thanks to advancements in technology. If you are a real estate sales professional in Ontario and a GeoWarehouse subscriber, you can now obtain a condo status certificate online. Condo status certificates are available online when you register through GeoWarehouse for Conduit. On the GeoWarehouse site, a link is provided and after creating an account you are able to request and purchase the certificate.

Condo status certificates can not only be ordered online but they can also be delivered online. This eliminates management of these large and clunky documents, the expense of couriers and certified cheques. Now you can simply send the digital file to whomever requires it: the mortgage broker, bank, real estate lawyer, etc…

Being able to access condo status certificates online makes closing your deals that much easier.

For more information about how to obtain a condo status certificate online please visit www.geowarehouse.ca or call 1-866-237-5937.

 

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May 6, 2013

Anytime a condo is sold the buyer’s lawyer will ask for a current dated condo status certificate.

A condo status certificate is a large document that can be 100 pages in length or more. The condo status certificate must be provided when requested by an owner. It can come with an administrative charge, charged by the condo corporation at a cost of over $100, and can take up to ten days to be provided.

A condo status certificate is essential because it provides important information about the financial status of the subject condo (unit). It will provide the prospective owner with intelligence, such as whether or not the previous owner was up to date paying their condo fees, if there are increases in condo fees that are about to come into effect and if there has been a lien placed on the condo for any reason.

It also provides vital information about the condo corporation. This information includes by-laws, the amount of the reserve fund, the condo corporation’s insurance, minutes of the most recent annual meeting, disclosure of any lawsuits pending against the corporation, the condo corporation’s budget, and more. It can also reveal rules about the condo such as whether or not owners can have pets.

Historically, the process of obtaining a condo status certificate has been as follows:

  1. A REALTOR® or lawyer would request the condo certificate from the condo corporation or management company in writing.
  2. At the time of the request, payment for the administrative fee had to be made.
  3. The property management company on behalf of the condo corporation may have taken up to 10 days to prepare the condo status certificate.
  4. Once ready, the condo status certificate had to be retrieved from the condo corporation or property management company.

Delays obtaining a condo status certificate prior to making an offer can pose certain challenges.. In addition, the time, effort and cost to obtain the condo status certificate can be a source of frustration.

Fortunately for REALTORS®, in many cases a condo status certificate can now be requested online through GeoWarehouse.  REALTORS® can request the condo status certificate online, make payment online using a major credit card, receive an email notification when the condo status certificate is ready, download an electronic file containing the condo status certificate, and then email it to the solicitor who is acting for the purchaser.

Obtaining a condo status certificate online through GeoWarehouse takes the pain out of going through the motions of obtaining a condo status certificate for your clients.

For more information about how you can obtain a condo status certificate online please visit www.geowarehouse.ca or call 866-237-5937.

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