Understanding Condominium Documents

Condominium ownership includes both a private unit and shared ownership of common property. That shared ownership is governed by a condo corporation and defined in a set of legal and financial documents that buyers must understand before firming up a purchase.

REALTORS® are not qualified to interpret condominium documents — but we are responsible for helping our clients obtain them early, identify possible red flags, and refer the review to a qualified professional.

Condominium Documents For Owners and Perspective Purchasers

🔍 Key Documents Buyers Need Access To

• Registered Bylaws: Confirm lifestyle restrictions like pet policies, age limits, and short-term rental bans.
  
  

• Estoppel Certificate: Confirms monthly fees, special assessments, and arrears. **Remember - These are ordered by the Seller/Lawyer prior to possession.**
  
  

• Reserve Fund Study, Report + Plan: Shows whether the corporation is saving enough for long-term repairs.
  
  

• Operating Budget & Financials: Offers insight into how well the condo is managed.
  
  

• Insurance Certificate: (Condo Corporation Policy)

• Confirms the building is insured for:

  • Structure

  • Common property

  • General liability

• Often required by lenders before funding.

• Buyer still needs their own personal condo insurance policy.

• SIUD (Standard Insurable Unit Description)

  1. • Defines what finishes the condo corporation’s insurance will restore (e.g., builder-grade flooring, countertops).

     • Anything above standard (e.g., upgrades) must be insured by the unit owner.

     • Required by insurers to properly quote a buyer's personal policy.

     • Helps avoid disputes if damage occurs (what’s covered vs. what’s not).

• Meeting Minutes (AGM/Board): Reveal upcoming projects, issues, or planned fee increases.
  
  

• Title(s): For the unit and any parking or storage (check that what is being sold is what the seller actually owns).
  
  

• Condominium Plan & CAD Sheet: Help you confirm layout, stall location, and bylaw registration date.

🛑 Best Practices for REALTORS®

• Never interpret — always recommend a professional document review company.
  
  

• Don't wait until conditions are waived — documents should be reviewed early in the process.
  
  

• Be proactive: verify stall and storage location, confirm any restrictions upfront, and ensure buyers know what they’re buying into.

• Refer to a condo document review specialist - Remember, there is no formal training for condo doc review specialists, so be minful of who you refer.