This Website provides legal information and referrals. A buyer should pay particular attention to the reserve fund of the condominium corporation and ensure that there are sufficient funds to cover any ongoing maintenance and repair of the condominium’s major capital items. In most cases, if the building is serviced by a property management company, it is prepared by the property manager. For legal advice, contact a lawyer. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. This certificate indicates whether an existing corporation is in good standing with the Provincial government, the location where the corporation resides and if the corporation is in good standing with Revenue Canada (is up to date on its corporate tax filings). inquiries@ontariobusinesscentral.ca I couldn’t have asked for more! Our online system allows users to request a certificate in minutes, and we will do the rest to obtain it for you. Home It is advisable, therefore, to obtain the assistance of a real estate lawyer and an accountant to determine the potential legal and financial consequences. B Corp certification is conferred by B Lab, a global nonprofit organization with offices in the United States, Europe, Canada, Australia, New Zealand and a partnership in Latin America with Sistema B. A status certificate is a document provided by the condominium corporation to buyers of resale condos that provides a snapshot of the unit as at the date that the certificate is issued. As mentioned, a status certificate will include information regarding increases in the common expenses and if the building is being sued, as well any large expenditures for repairs. It is important to get professional advice for your unique situation, and it is more affordable than you think. What is the difference between a declaration, a by-law and a rule? Certified B Corporations are a new kind of business that balances purpose and profit. Legal Answers Condominiums, Co-operatives, Co-ownerships The certificate must be given to the prospective buyer within 10 days of the date of the request, and the Condominium Act allows for a $100 fee to be charged for the status certificate. In some cases however, the cost of mediation and arbitration may be reflected by a declaration of special assessments. Expropriations: Can the government take your land? If you are buying a home and want to know how much of a mortgage you qualify for, use the Scotiabank mortgage calculator Real Estate Law SEARCHES FOR ONTARIO SMALL BUSINESS (not incorporated), Disclaimer: Communications between you and Ontario Business Central Inc. are protected by our strict, Not For Profit Incorporation/Charitable Incorporation/Association Incorporation -, Extra Provincial Licence (existing corp outside of Canada) -, Annual Return Filing (Federal Corporations Only) -, Profile Report (owners, business address, etc.) A status certificate is a document provided by the condominium corporation to buyers of resale condos that provides a snapshot of the unit as at the date that the certificate is issued. copies of the condominium declaration, by-laws and rules, a current budget for the condominium corporation, and. B Corporation certification of "social and environmental performance" is a private certification of for-profit companies, distinct from the legal designation as a Benefit corporation. From the first phone call/request, to the time and costs of printing, helping people fill out the required forms, dealing with onsite couriers and collecting payment, it takes up valuable time. For more information, view Ontario’s Condominium Act. If a legal action has not been commenced, the status certificate may be silent on this matter. Business entities use certificates of good standing to prove they are incorporated / registered and authorized to do business in any given State. Information that needs to be included in the certificate is specified in the Act. Thanks so much for your help! Your company was fast, efficient and you over all did an excellent job. The Department of Business Services database includes information regarding corporations, not-for-profit corporations, limited partnerships, limited liability companies and limited liability partnerships, as well as, other business-related information. Although it will have to be updated to assure the purchaser that there are no changes since the time of the issuing of the status certificate, much of the information will remain the same and is available to help the purchaser make a faster decision. In other words, the certificate states that on the specified date, the corporation was not dissolved, amalgamated into another corporation, or discontinued and no longer governed by the CBCA. the names and addresses of directors and officers of the corporation. In most cases, if the building is serviced by a property management company, it is prepared by the property manager. When can you move into your newly purchased home? What mortgage loan amount can you qualify for? Condominium laws, regulatory authority, and tribunal, The difference between a condominium unit and a common element, Cancelling an offer or purchase agreement for a condominium, Responsibilities of the condominium board of directors, Annual General Meetings and other owners' meetings, Filing a case with Condominium Authority Ontario (CAT), Condo managers and property management companies, Making a complaint about condo management. A status certificate is also an important document for those lending money to finance the condominium unit. Office Hours: 9:00am – 5:00pm . A Certificate of Good Standing, signed by an state official is conclusive evidence that a corporation or LLC is in existence or authorized to transact business in the state, and that the company is in compliance with all state-required formalities. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. What is a status certificate? In fact, many prudent vendors will also order a status certificate when they list their unit. Consequently, the cost of the mediation or arbitration, and the potential liabilities resulting from the outcome will not be available in the status certificate.
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