Calgary Condo Guide to Estoppel Certificates

Calgary Condo Guide to Understanding Estoppel Certificates

What is an Estoppel Certificate?

An Estoppel  Certificate is a critical document for the buyer to obtain when buying a condo in Calgary. This document is prepared on the behalf of the condominium corporation usually by the management company and is typically provided to the buyer when meeting with the buyers lawyer to sign the closing documents.

The Estoppel Certificate confirms the status of the condominium contribution account, and will disclose any unpaid arrears from the previous owner. This document is critical because the condominium property act of Alberta makes the new owner responsible the same as the previous owner for any outstanding balance.

The contract used to buy a condominium should state the seller is responsible for any unpaid condominium fees and the buyers lawyer is allowed to make adjustments at closing to pay any outstanding balance.

The Estoppel Certificate is critical because without it you wont know if the condo you are buying has any unpaid arrears and as the new owner you are responsible for any unpaid balance.

Never buy a Resale Condo in Calgary without reviewing the Estoppel Certificate!

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