Prospective purchasers of pre-owned condominiums should acquire and review an up-to-date estoppel certificate before considering the purchase of a particular unit. It appears that, in the resale market, the estoppel certificate is seen as equivalent to the disclosure statement required in the sale of new condominiums.
An estoppel certificate contains information in respect of the common expense obligations of the owner and of default in payment, if any, together with statements and information as prescribed by the regulations. Condominium bylaws, rules and regulations are part of the information in such a certificate.
Skyline Lien Search provides Nationwide Estoppels, W9, Ledger and Pay-off Letters.