I plan to buy a condominium. What is an estoppel certificate?
An Estoppel Certificate is a document that reveals analytical information regarding the financial, legal, and management aspects of a condominium corporation, as well as, a specific unit of the condominium corporation. When an estoppel certificate is prepared it identifies the expense obligations of that specific unit, and the overall legal and financial health of the condominium corporation.
An estoppel certificate is deemed accurate as of the day it is prepared. The legislation states that as of the date issued, the estoppel certificate is conclusive proof of the financial, legal, and managerial status of the specific unit and condominium corporation as a whole. Therefore, estoppel certificates provide additional consumer protection for condo buyers. The information provided cannot be revoked, confirms the relative value of a property, and is especially important for resale units.