A Status Certificate serves as a ‘snapshot’ of the overall health of the entire condo. It contains the most important documents related to the condo, including the condo’s declaration, by-laws, and rules; the current fiscal year budget; the latest audited financial statements; the most recent reserve fund study; the common expenses associated with the unit and any outstanding arrears; information about any ongoing litigation against the condo; and details about any ongoing special assessments. These pieces of information are crucial for assessing both the condo building and the specific unit you’re interested in. Moreover, it’s a legally binding document issued by the condo corporation, meaning that all the information provided should be current and accurate
