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It is a contract between a condo owner and their condo corporation to authenticate critical information. A condo estoppel certificate is essential for two reasons: It provides condo buyers with information to make an educated decision about their purchase. It prevents the condo corporation from later denying claims represented in the contract.
A status certificate, also known as an estoppel certificate or condo certificate, is a comprehensive document prepared by the condominium corporation. It contains essential information about the financial, legal, and operational aspects of the condominium corporation. This document is typically requested by a buyer or their lawyer during the ...
When you purchase a resale condominium, it is extremely important to request the estoppel certificate. It is a signed statement from the condominium corporation and is conclusive proof of matters certified in it. The condominium corporation has 10 days after receiving a request from an owner, purchaser, mortgagee or person authorized in writing ...
Jul 30, 2024 · 3 Reasons Condo Buyers Need to See the Estoppel Certificate. Financial Transparency: It ensures the buyer is aware of any outstanding fees or special assessments that may affect the financial status of the unit. Legal Clarity: It provides information on any legal issues that could impact the unit or the condo corporation.
Jan 9, 2013 · By definition an estoppel certificate is a signed statement by a party certifying for another’s benefit that certain facts are correct. A party’s delivery of this statement estops that party from later claiming a different state of facts. An estoppel certificate is an important document issued by the condominium corporation intended to give ...
Nov 19, 2023 · An estoppel certificate, not to be confused with the broader legal principle of “estoppel,” is a document that provides a snapshot of a condo unit’s financial and legal status at a specific point in time and is part of the due diligence process. It is typically prepared by the condo corporation or property management company.
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A status certificate (sometimes referred to as an estoppel certificate) is a huge document that contains the financial and legal health of a condo corporation. It’s usually a few hundred pages long and contains important rules, regulations, rights and obligations that every condo owner must know. Part of the status certificate is specific to ...
