Condominium Status Certificate / Estoppel Certificate
A Status Certificate, formerly known as an Estoppel Certificate, is a document provided by a condominium corporation (the entity that runs the condominium) to the owner of the condominium unit. This document is required by lenders to confirm that the condominium corporation has sufficient reserve funds for its continued operation; and reveals the amount of the condominium maintenance fee, and whether there are any legal proceedings against the condominium corporation, among other information. The mortgage agent should inform the applicant that this document is required as soon as possible, since it may take several days for the condominium corporation to provide. There is typically a fee charged to the homeowner to obtain this document, which cannot exceed $100 as per the Condominium Act.