Short answer
The condition gives the buyer’s lawyer time to review the unit and condominium corporation, including fees, arrears, reserve funding, insurance, governing documents, special assessments and litigation. The suite can look perfect while the corporation creates a financial or lifestyle problem.
The problem the buyer is trying to avoid
The buyer focuses on finishes and monthly condo fees. After closing, a special assessment, pet restriction, rental rule or insurance issue changes the budget or prevents the intended use.
A practical Ontario example
Illustration only: A buyer plans to rent a condo and assumes pets and short-term rentals are allowed. The current status package shows use restrictions, an upcoming fee increase and litigation. Legal review lets the buyer decide whether the risk fits before the condition is waived.
Questions to ask before signing or waiving
- Is the certificate current and complete?
- What do the declaration, bylaws and rules prohibit?
- Are fees increasing or special assessments planned?
- What do the reserve fund, insurance and litigation disclosures show?
- Does parking, locker or exclusive-use information match the offer?
Practical routes to compare
- Make the offer conditional on the buyer lawyer’s satisfactory review.
- Request updated material if the certificate is stale or a major event has occurred.
- Adjust price and cash reserves only after legal and financial implications are understood.
Separate the offer from the mortgage approval
The Realtor advises on the offer and negotiation; the lawyer interprets legal wording and consequences. Rajiv checks borrower qualification, property acceptability, appraisal exposure, closing cash and lender conditions. A signed offer cannot require a lender to approve the borrower, property or price. An A lender is generally the first route when the complete file fits. Alternative lenders can consider broader income, credit or property situations at higher cost. MIC or private lending can sometimes bridge a short-term problem, but only where cost, equity and a realistic exit make sense.
Verified public guidance
The Condominium Authority of Ontario says status certificates contain key unit and corporation information and should be reviewed with legal counsel. A corporation may charge up to $100 including taxes and generally must provide it within 10 days.
Read the primary source. Source checked 2026-09-03. RECO and CAO provide public consumer guidance; the agreement, lawyer’s advice and each lender’s current policy decide the individual file.
Pressure-test the recommendation
Ask what would make the advice fail. A condition may be too short to obtain an appraisal, the approval may still require documents, the property may be unacceptable, the buyer’s funds may be inaccessible, or the clause may not protect the issue the buyer assumes it covers. Confirm the deadline, who must be satisfied, what notice is required and what happens if the condition is not waived. Verbal reassurance should never replace the written clause, the lender’s remaining conditions or the buyer’s own ability to carry the financial risk.
Documents to have before the deadline
- Complete offer, schedules, amendments and notices
- MLS listing, property documents and comparable sales
- Mortgage approval with every outstanding condition
- Deposit and 90-day down-payment history
- Inspection, status certificate, appraisal or specialist reports when applicable
- Written lawyer, lender and Realtor explanations of unresolved risks
Related AskRajiv guidance
Continue with resale condo status certificate lawyer review, condo special assessment reserve fund buyer risk.
Get a mortgage strategy review before becoming firm
Use Rajiv’s direct mortgage strategy form. Include the offer deadline and the concern you cannot afford to discover after acceptance.
Source and review
Reviewed by Rajiv Verma, Mortgage Broker on 2026-09-03. Educational information only; not legal, real-estate, inspection, appraisal, tax or mortgage approval advice.