A condominium corporation in Alberta has accumulated a significant special assessment for major repairs. A buyer is purchasing a unit and wants to verify all financial obligations. Under the Condominium Property Act, which document provides this critical financial disclosure?
Correct Answer
B) The estoppel certificate issued by the condominium corporation
Under the Condominium Property Act, the estoppel certificate (also known as an information certificate) is issued by the condominium corporation and discloses critical financial information including outstanding fees, special assessments, reserve fund status, and any legal actions. Buyers should always review this document before purchasing a condominium unit in Alberta.
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