Ownright has launched a fully digital status certificate review, aimed at simplifying a critical part of the condo buying process.
“Buying a home is one of the biggest decisions people make, and status certificates can feel like a black box,” said Robert Saunders, CEO of Toronto-based Ownright. “Too often, buyers are simply told, ‘you’re good to go’ without knowing why. We’ve opened that box and built something digital, readable, and designed for real people.”
In cities like Toronto and Vancouver, more than half of occupied dwellings are condominiums. The status certificate is a legal requirement for any condo transaction in Ontario.
Despite its importance, the process has traditionally involved dense legal documents or vague verbal summaries.
How the new tech can help
Ownright’s new digital review breaks the certificate into six clearly defined sections: general property and building information; building rules, restrictions and bylaws; common expenses including monthly condo fees and potential special assessments; financial health of the condo corporation; insurance coverage; and the legal status of the corporation, such as ongoing lawsuits or compliance issues.
Each section is written in plain language and includes added context and tips. The full review is delivered securely through Ownright’s client portal.
The goal, according to the company, is to help buyers make more informed decisions with clearer information.
The tool is currently only available in Ontario, however, the company has plans to expand to other provinces shortly, it says.
A tool for professionals, too
This new feature is also intended to benefit real estate professionals, mortgage advisors, and legal teams by streamlining communication and reducing misunderstandings in the transaction process.
When buyers understand the risks and obligations outlined in a status certificate, “they are more confident, more efficient, and more prepared to close,” says Ownright.
The new digital review is the latest addition to Ownright’s end-to-end digital platform, which already includes legal quotes, document intake, and signing. The company says this brings it closer to its goal of fully digitizing the real estate legal process.
