What must be in one
Under the Condominium Act, 1998, s.76, a status certificate states:
The common expenses for the unit, whether they are paid up to date, and any increase the board has declared.
Any assessment the board has levied or intends to levy, and the reserve fund balance with the amount in the current plan.
The corporation's insurance, its budget and its most recent financial statements, the reserve fund study status, and any legal proceedings.
Whether the corporation has any outstanding judgments, and any agreements the unit is affected by.
Authority
What the statute says
Each sentence carries the section it comes from.
A status certificate is provided within ten days of a request accompanied by the fee, the fee is capped at $100, and the content is mandated. Condominium Act, 1998, s.76
The certificate binds the corporation as against a purchaser who relies on it, which is why the butler assembles it from live data rather than from a saved template. Condominium Act, 1998, s.76
The purchaser pays the statutory fee at checkout and the corporation pays nothing. That is a Board Butler rule, not a statutory one. Board Butler pricing, status certificates row
This page explains the rules in plain language and is not legal advice.