In Alberta, an estoppel certificate is a legal document that is commonly used in the buying and selling of condominiums. It is provided by the condominium corporation, and is designed to provide information about the status of the unit being sold, as well as the status of the condominium corporation as a whole.
The estoppel certificate typically includes information such as the amount of the monthly condominium fees, any special assessments that are currently in effect or expected in the near future, and any outstanding balances or disputes between the unit owner and the condominium corporation. It may also include information about the unit's parking stall or storage locker, as well as any restrictions on the use of the unit.
The purpose of the estoppel certificate is to provide both the buyer and the seller with a clear understanding of the financial and legal status of the unit and the condominium corporation, and to prevent any surprises or disputes from arising after the sale has been completed. It is an important document that should be carefully reviewed by both parties before the sale is finalized.
If you are buying or selling a condominium in Alberta, it is important to ensure that an estoppel certificate is obtained and carefully reviewed to ensure that all relevant information is disclosed. This will be completed by your lawyer. It can help protect both the buyer and the seller and ensure a smooth and successful transaction.