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?
Correct Answer
C) It is deemed to state no assessment was levied, binding the corporation against the relying buyer
Section 76(1)(c) requires the certificate to state any assessment levied since the budget date to increase the reserve fund. Under s. 76(4), a certificate that omits required material is deemed to include a statement that there is no such information, and s. 76(6) binds the corporation to that as against a purchaser who relies on it, so the $4,000 cannot be enforced against the buyer.
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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?
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