Digital Verification System Debuts for Condo Purchasers in Canada - Provided by Ownright
Toronto-based Ownright has made a groundbreaking move in the Canadian condo market, launching the country's first fully digital Status Certificate Review. This innovative solution aims to modernise and simplify the traditionally complex and critical step of reviewing status certificates during condominium transactions.
Robert Saunders, CEO of Ownright, recognised that buying a home, particularly a condo, can be a daunting process, with status certificates often feeling like a mystery. To address this, the digital Status Certificate Review by Ownright is designed for everyday people, delivering each section in plain language and securely through Ownright's client portal.
The new digital platform offers a fully end-to-end solution, from legal quotes and intake to document signing and status review, all with expert legal support. Ownright's mission is to digitise every step of the real estate legal process.
The digital Status Certificate Review breaks down the status certificate into six core areas: property and building information, building rules and bylaws, common expenses, financial health, insurance coverage, and legal status. This simplification makes the information more transparent and accessible to buyers, eliminating the need for legal or real estate expertise to interpret dense legal documents.
The digital transformation of the status certificate review process not only simplifies the procedure but also aligns it with modern real estate transaction workflows in Canada. It streamlines communication, reduces confusion, and likely reduces the time and effort needed compared to traditional paper-based or semi-digital reviews.
Transparency and accessibility are becoming standard in property transactions due to Ownright's moves. The digital Status Certificate Review supports not just homebuyers but also real estate professionals, mortgage advisors, and legal teams.
It is worth noting that status certificate reviews are a legal requirement for condominium transactions in major urban centres like Toronto and Vancouver, where more than half of occupied homes are condominiums. Ownright's innovation in the Canadian condo market is a novel step towards improving the efficiency and transparency of property transactions.
[1] Ownright Press Release, 2021 [2] Canadian Real Estate Association, 2021 [3] Toronto Star, 2021 [4] Globe and Mail, 2021
- As Ownright's digital Status Certificate Review simplifies the traditionally complex process of reviewing status certificates during condominium transactions, Robert Saunders, CEO of Ownright, envisions shifting investments from traditional real estate to technology solutions in the Canadian condo market.
- With the introduction of the digital Status Certificate Review, Ownright fortifies its commitment to digitising every step of the real estate legal process, potentially rendering investments in real-estate legal expertise unnecessary, thereby disrupting the Canadian financing scene.
