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January 19, 2015 Marco Graziani

Disclosure Within Status Certificate

The disclosure within a status certificate must be accurate as at the date and time it is issued.  Care should be taken with the disclosure provided throughout and in particular Paragraph 12 of the prescribed form.  Paragraph 12 requires the condominium corporation to address “potential” increases to the common expenses to the unit.   As a result, it need not be a for certain increase.  If the corporation (i.e. the board or management) is aware of any item/situation that has the potential to increase the common expenses for the unit, then proper disclosure of same should be made under Paragraph 12 of the status certificate.  To do otherwise may preclude the condominium corporation from collecting the potential increase, in the event it becomes necessary to do so in the future.

Marco Graziani

Marco Graziani Associate

B.A., LL.B.

mgraziani@finedeo.com
905.760.1800 x237
905.760.0050

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