Quarterly Report - Association of Condominium Managers of Ontario

CONDODEFINITIONS
What is a Status Certificate?
Astatus certificate is a statement of upto-date
facts about the status of a
corporation and any unit in it that a purchaser
may contemplate buying – whether
it be a new or a resale condominium unit.
Formerly called an estoppel certificate,
this document must contain a long list of
information items that are required by the
Condominium Act (section 76). Any person
can obtain a status certificate by paying
a fee of $100. The provider is obligated
to supply the certificate within 10 days of
receiving payment. Among the most important
information that must be supplied
are:
1. The common expenses for the unit;
any default in payment; increases in the
common expenses and the reasons for
them; special assessments that have been
levied against the unit and the reason;
statement about outstanding judgments
and legal actions the corporation is involved
in; and the amount in the reserve
fund, plus any proposed increases.
2. Current reserve fund information;
substantial changes to the common elements
and assets of the corporation, even
if they are proposed but not implemented,
and their purpose; the number of rented
units; and a certificate or memorandum of
insurance policies for the corporation.
3. Copies of the current declaration,
bylaws and rules; the current budget; the
last annual audited financial statements;
and the auditor’s report on them.
The status certificate binds the corporation
to the information it contains for the
use of a unit purchaser or mortgagee who
relies on the certificate as of the date it is
issued. Material information that is omitted
is deemed to be a statement there is
no such information.❏
Advertiser Pays for Ads Plus Costs
in Small Claims Court Decision
A
T
A TRIAL in Brampton Small Claims
Court recently, College Parking
Liners Inc. of Toronto was ordered to
pay invoices for two ads in CM Condominium
Manager magazine, plus court costs.
In its claim, ACMO stated that College
Parking Liners ordered professional card
ads in three 2001 consecutive issues of CM
Condominium Manager, but only paid for
one. The court ordered the defendant to
pay $612.58 for the ads, plus $150 costs.
Because ACMO is a non-profit organization,
the Association is unable to write-off
bad debts. The non-payment of ad invoices
is unfair to members and to advertisers
who pay their invoices within a
reasonable time. In consequence, the
ACMO Board of Directors sometimes authorizes
legal action when ad invoices are
unpaid more than 120 days.❏
10 Third Quarter 2004