COVID-19 Bulletin No. 7: Status Certificates

Updated on March 19, 2020

While it is too early to tell, we anticipate that the operational costs for a condominium corporation are increasing. This means that budgets may not accurately reflect, at the current time, the impact of this pandemic.

So, what does that mean for your status certificates?

1. Status certificates should be modified with the help of your legal counsel to address the potentiality that budgetary numbers will not be accurate since the same may be a consideration for future purchasers.
2. Where on-site hours are not consistent or are reduced, common element deposits may not be current. In addition with some boards deferring common expenses, numbers need to be tracked. Thus, impacting the amount of common expenses owed.

Dealing with common expense payments can be done in intelligent ways, but has to be thought through. We direct you to our latest COVID-19 Bulletin No. 4 - Part 2: Collections, (https://elia.org/resources/articles/view/1109/covid-19-bulletin-no-4-part-2-collections) with respect to thinking through liens.

All of the information contained in this article is of a general nature for informational purposes only, and is not intended to represent the definitive opinion of the firm of Elia Associates on any particular matter. Although every effort is made to ensure that the information contained in this newsletter is accurate and up-to-date, the reader should not act upon it without obtaining appropriate professional advice and assistance.

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