Article from Volume 3, Issue Number 1, 2022

View Issue PDF Back to Latest Issue

Estoppel Certificates: What Do They Contain?

By unknown | Other articles by unknown | Regular Column

Estoppel Certificates are a vital part of the purchase of your condominium. The Certificate “package” that must be delivered to the buyer includes:

Estoppel Certificates are a vital part of the purchase of your condominium. The Certificate “package” that must be delivered to the buyer includes:

• Copy of the Declaration and By-laws and any proposed amendments to these documents;
• Copies of the minutes of all meetings of the Board of Directors and meetings of the members of the Corporation held within the previous 24 months; • Major capital expenditures that are planned by the Corporation;
• Lawsuits that have been instituted or are pending by the Corporation or against the Corporation;
• Copy of the Reserve Fund Status Certificate and the Master Reserve Fund Study Spreadsheet;
• Amounts owing by the owner and for which the Corporation has a lien or right of lien against the unit;
• The manner in which the assessment and accounts are payable;
• The unit identified by unit number, level number, civic number and address;
• The name, address and telephone number of the condominium management company or agent;
• The names and addresses of the officers of the corporation;
• Current Condominium Fee;
• The Balance in the Reserve and Contingency Funds;
• Any special assessments that are forthcoming or contemplated by the Corporation within twelve months of the date of the Estoppel certificate;
• Copy of the current operating budget;
• Debt carried by the Corporation from previous expenditures;
• Summary of Insurance Coverage;
• The name of each person who owns ten percent or more of the common elements.

Reprinted from the Spring 2016 Newsletter