A seller's salesperson is estimating the buyer's costs of reviewing an Ontario condominium unit's status certificate. What is the most the corporation may charge for providing the certificate?
Correct Answer
A) $100 including all taxes
Section 76(2) of the Condominium Act, 1998 lets the corporation charge the prescribed fee, and O. Reg. 48/01, s. 18(4) caps that fee, including all required material, at $100 inclusive of all applicable taxes.
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- → An investor buyer wants to know how many units in a condominium building were rented last year before making an offer. Which document must state the number of units for which the corporation received lease notices during the preceding fiscal year?
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A seller receives two competing offers simultaneously, both with identical price and terms, but one has a 7-day financing condition while the other has a 21-day financing condition. From a risk management perspective, which offer is generally more attractive to the seller?
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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?