A buyer's lawyer requests a status certificate and pays the fee on May 1. The corporation never delivers it. After closing, the corporation claims the seller owed $3,000 in common expense arrears and demands it from the buyer, who relied on the silence. What is the effect under s. 76 of the Condominium Act, 1998?
Correct Answer
C) It is deemed to have certified no default, and that binds it against the buyer
Under s. 76(3) the corporation had 10 days after the request and fee to give the certificate. Section 76(5) deems a corporation that misses the deadline to have given a certificate the next day stating that there is no default in common expenses, no declared increase, and no reserve fund assessment. Section 76(6) makes that certificate binding on the corporation as against a purchaser who relies on it.
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- → A status certificate delivered to a buyer omits a $4,000 special assessment that the board levied against the unit after the current budget date to increase the reserve fund. The buyer relied on the certificate and closed. Under the Condominium Act, 1998, what is the result?
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Previous Question
A buyer's deposits on a proposed condominium unit are held until the unit is available for occupancy. Under s. 82 of the Condominium Act, 1998 and O. Reg. 48/01, at what rate must the declarant pay interest on those deposits?
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A buyer's offer on a resale condominium unit is conditional on her lawyer reviewing the status certificate. Under s. 76 of the Condominium Act, 1998, who may request a status certificate from the corporation?