Status Certificate explained
A status certificate is issued by the condo corporation, usually through its property manager, and gives a buyer a snapshot of the corporation's situation. It includes the operating budget, the size and health of the reserve fund, the monthly condo fees for the unit, the declaration and bylaws, and disclosure of any special assessments, fee increases, or legal disputes involving the corporation.
In Ontario this document is called a status certificate; in some other provinces a similar disclosure is known as an estoppel certificate. Buyers, and their lawyers, review it to confirm the corporation is financially sound and that there are no looming costs or restrictions before firming up a conditional offer on a condo unit.