Buying a Resale Condominium

There are two main differences between buying a unit from the builder and buying a resale condo:

• Newly built condos have a 10-day cooling-off period, where you can cancel your purchase. Resale condo units do not.
• When you buy from a builder, you review a package of materials called a disclosure statement provided by the builder. With a resale condo, you review a similar package called a status certificate, provided by the condo corporation. Both packages include copies of the declaration and bylaws.

Status Certificate

The status certificate for a resale condo shows whether the current owner is up-to-date in paying his or her monthly common expense fees. It also gives details of the financial status of the condo corporation, including:

• the current budget
• the most recent audited financial statement
• status of the reserve fund
• any special assessments in place or planned. 

You should consider making your offer conditional on your satisfactory review of this certificate.  You may wish to get advice from a lawyer or accountant in reviewing the certificate.

Learn More

• Condominium Basics
  
• Buying a Newly Built Condo
  
• Condominium Costs
  
• Living in a Condo
  
• How Condominiums Are Run
  
• Working with Your Condo Board
  
• Frequently Asked Questions