Article from Volume 3, Issue Number 1, 2022

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Estoppel Certificates: What Do They Contain?

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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

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Vol. 3, Issue 1, June 2022
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