The condo status certificate: how to read the most important document you will get

Before buying an Ontario condominium, get a status certificate. The corporation must provide it within 10 days of a written request, and the maximum fee is set by regulation at $100 including HST.

The package includes the declaration, bylaws and rules, the budget, financial statements, the most recent reserve fund study, insurance details, disclosure of any legal proceedings, planned special assessments, and whether the unit's fees are in arrears.

Have your lawyer review it. The details that matter most are reserve fund adequacy against the study's recommendations, any looming special assessment, restrictions on pets, rentals or short-term rentals, and whether parking and locker are owned, exclusive-use or leased.