Edmonton Condos: What Is An Estoppel Certificate?
Being an Edmonton condo owner certainly has its perks: lock-and-leave security, closeness with your neighbours, and (in some cases) zero property maintenance requirements! If this is the type of lifestyle you want, we can help you get it! Before you begin the condo buying process, we recommend you become familiar with condo-related terminology and paperwork. Not only will this help you make an educated decision when buying a condo; but, it will also help you better manage your Edmonton property as an owner. One of the words you’ll hear during the condo buying process is: Estoppel Certificate.
“Estoppel Certificate [e’stapel]: A signed agreement form from the condo corporation or condo board that certifies the information provided is correct.”
Edmonton Condos: Why Do Estoppel Certificates Matter?
- The monthly or yearly schedule for paying the condominium contribution (condo fees).
- Whether the previous owner has paid their share of the contribution, what remains unpaid, and the amount of interest owing.
- The amount of condominium contribution (condo fees) assessed to the unit.
A Real Estate Purchase Contract requires sellers to provide buyers with an Estoppel Certificate. Financial institutions will then request the information listed on an Estoppel Certificate, along with a copy of the document itself. It is also important to note, some condo boards can charge an Estoppel Certificate Fee of up to $100.
Estoppel Certificates & Renting An Edmonton Condo
Estoppel Certificates should be used by potential buyers to make an educated decision about the property, as they contain information about the unit. They do however, have certain limitations when renting an Edmonton condo:
- Estoppel Certificates cannot amend the lease.
- They cannot alter or contradict specific information written on a lease.
- They cannot create rights at a contractual level that would not exist on a lease.
When it comes to purchasing an Edmonton condo, trust in Team Paranych. We consist of trained professionals who are dedicated to you. We’ll help you understand condo buying aspects such as: Estoppel Certificates, Condo Fees, Condo Boards, and more! We’ll also sit down with you to sort through the paperwork and make buying an Edmonton condo a breeze.
To get started, contact us and request a free home buyers consultation!