Who Pays for the Status Certificate?

Who pays for the Status Certificate

DID YOU KNOW… the location of your condo may determine who pays for the status certificate!

Wait…do you even know what a “status certificate” is? And why you should be asking for one when purchasing a condo?

In the simplest terms, a Status Certificate is set of documents prepared by a condo board to illustrate the financial health of the building! A typical certificate will show a variety of facts including: how many units are being leased in the building, any shortages in payments of maintenance fees (for the particular unit) and the amount levels of the reserve fund.  They take 10 days to prepare (though most boards I’ve dealt with produce them sooner) and can be obtained by the unit owner.  They’re typically requested when a buyer submits an offer to purchase.  The purpose of the documents is better educate the potential buyer on the financial status of the condo and point out any pitfalls that may lay ahead if the decide to go through with the purchase.  A Real Estate lawyer is often best to review the Status and relay it’s info to the purchaser!

Now that we know what it is and why it’s needed, it’s time to answer the almighty dollar question “Who pays for it?”

Up until a few weeks ago, it was to my understanding that in Canada the seller is the one who pays for it…but after talking with Matt Richling, a colleague selling real estate in Ottawa I learnt different!  In Ottawa it’s common practice for the buyer to be the one who pays the fee. Which would make sense since it’s the buyer who’d be most interested in it’s findings. Fortunately for buyers in Toronto that’s not the case, and the seller typically pays for the status.  Your Realtor should always have the “Cost Talk” with you to better inform you of all the expenses that tend to pop up above and beyond the sticker price!

I ALWAYS recommend putting in a clause requesting a copy of the status and having a Real Estate lawyer review it.  Regardless of who pays for it…it only costs $100 and could save you a million headaches in the future!  If you’re looking at buying place of your own downtown…feel free to call or email…I’d love to help!

SMART Parking at ART Condos!

Leave it up to the good folks at ART Condos to come up with this smart purchasing incentive!  Not only is parking available for every suite purchaser…it’s also available with a SMART Car!  As mentioned in their latest blog post:

“Any purchaser who buys a unit at ART has the option of buying a car parking space for a fee of $3o,000. We are giving another option however. Instead of purchasing a space for $30,000, you can pay the same amount to get HALF a space, and a brand spanking new Smart Car.”

I like this idea for a few reasons…For starters, if you’re currently paying lease payments on your car, chances are you’ll qualify for less when applying for a mortgage.  Under this incentive, you can get rid of the clunker, qualify for more condo AND get a new car out of it!  Toronto isn’t getting any smaller so as traffic becomes even more busy, you can zoom around in this compact car while reducing you carbon footprint (compared to bigger cars). Most first time purchasers often debate between buying a new car or putting the amount towards the down payment of a place… with ART Condos latest incentive, you can do both!

ART Condos will be an excellent addition to the West Queen West area, and if you’d like to be apart of it send me an email or give me a call…I’d love to help!

Introducing PHOTO FRIDAY

In an effort to bring even more content on a consistent basis, I’m pleased to announce PHOTO FRIDAYYY!

I’ll be posting a new photo every Friday from my Savel And The City PhotoBlog.  With the photoblog I post a daily photo from my travels around the City.  It’s typically just a picture with very little description.  With Photo Friday I’ll be picking my favorite shot from the blog and describing the image further!

For my inaugural Photo Friday post I picked a picture that I took a few weeks back from the newly completed Maple Leaf Square!  Taken from 40+ stories above and looking down at Lanterra Developments latest project “ICE Condos”, the picture captures the condo during it’s earliest stages of development…hence it’s title “From Soil to ICE”

This southern part of the City is really starting to take shape! In anticipation of this, Longo’s grocery store is opening up a location at the base of Maple Leaf Square and across from ICE condos this fall!  Both condo’s are minutes from the Air Canada Centre and Union Station!

If you’re thinking of moving into this growing part of the Toronto Send me an email or give me a call…I’d love to help!

Big Condo Furniture for Small Spaces

YouTube Preview Image

Do you have an extra 80 inches in length and 40 inches in width in that den of yours? If yes, then that’s just enough room for 2 beds! The clip above is from New-York-based Resource Furniture. Watch in awe (as I did) as they demonstrate how a little ingenuity can give a small space a lot of room!

I’ve never been a fan of the 300 sqf studio, be it for living or an investment but as the price of land in Toronto goes up; the spaces we call home are becoming smaller! It’s inevitable as developers try to facilitate as many units possible into their towers to maximize the profit on the project. Even traditional 2 bedroom units are being built with less square footage than their older counter parts.

If you look at a building like The Esplanade, it’s very common to see 1 bedroom units pushing 700 sqf. Compare that with many of the newer buildings going up and the same square footage is now housing 2 bedrooms! Space saving decor like the ones available from Resource Furniture are the key to using every square inch in your condo and making the most out of the limited space available!

…I wonder if there’s a foldable garden available?

Ready to find your own space in one of Toronto’s many condo towers? Give me a call or send me an email… I’d love to help!

The Bully Offer!

I’ll admit it…I’m a news-a-holic. I start my day with BBC, have lunch with CP24, follow up with a few newspaper stories from my twitter friends, squeeze in some “6 o’clock news hour” with Leslie Roberts, and end it with CTV’s local news at 11:30…all of course if time permits! (It usually doesn’t)

In keeping with my newsly-ritual, I tuned into CTV just in time to watch Tom Hayes cover a store on “The Bully Offers”. Now before I get into all that is wrong with the story…I’ll like to say this disclaimer: “I have nothing against the good folks at CTV news, Tom Hayes included. For the most part I enjoy watching their news as they tend to get into more detail than some of the other stations BUT this time they dropped the ball by leaving out a few key points”…now down to the venting!

If you missed last nights story, click here and watch it first!

So? What did you think, kinda scary eh? While you’re planning the placement of furniture in your dream home, some big bad bully and their Realtor are lurking behind the curtains to snatch that house from under you!!! At least that’s how I interpreted the report!

[Read more…]

Sage Logo PNG copy Mark Savel - Sales Representative - Sage Real Estate LTD., Brokerage - 1820 Bayview Ave. Tor, Ont, M4G 4G7 - 416-483-8000