October 2017
Errors on a Status Certificate can result in payments to condo buyers who rely on information provided in the document.
Condo boards have a statutory duty to ensure accuracy of information contained in the Status Certificate.
When the Status Certificate is prepared by a third party such as a condominium manager or property management company, they can be assigned responsibility for errors and their costs. When assigning responsibility for Status Certificate preparation and liability for errors, it is advisable that condo corporations make these stipulations in the management agreement.
