Definition : Contingency fund expenses

Amounts spent by the syndicate of co-owners for work related to major repairs and the replacement of the common portions of the immovable, to be distinguished from their mere maintenance.

Related articles

27/06/2024

Financing the work

Co-ownership work is of the utmost importance. Yet, they are more often than not overlooked by the syndicates of co-owners. Work that needs to be done in common portions can be minor or major in scope. Yet one needs money to pay for them. Good financial planning is therefore advisable…...

Work

23/06/2024

Certificate of the state of the immovable

Every syndicate of co-owners has obligations regarding the maintenance of the common portions. The certificate of the state of the immovable is an essential step in ensuring the preservation of the immovable; it constitutes a preliminary step before seeking the services of a professional to conduct a contingency fund study. The certificate…...

Work

16/06/2024

Contingency fund study

As beautiful as it may be, a new co-ownership will age and eventually require major repairs. In Quebec, however, about half of the syndicates of co-owners do not have any management tools to adequately fund the contingency fund. This issue, which can sometimes have financially disastrous consequences for certain co-owners,…...

Work
{alt}

01/01/2024

Capsule vidéo avec Yves Joli-Coeur: Le fonds de prévoyance

Dans cette capsule vidéo, l’avocat émérite Yves Joli-Coeur explique le concept du Fonds de prévoyance. Il rappelle qu’avec l’entrée en vigueur du Code civil du Québec, en 1994, le législateur québécois a introduit l’obligation, pour tout syndicat de copropriétaires, de se doter d’un « fonds de prévoyance ». Ce fonds…...

Work

31/07/2020

Webradio du 29 juillet 2020: Faire fructifier son fonds de prévoyance

...

Work
{alt}
lock
You need to have an account to read this article

09/08/2022

Who votes a condominium budget?

 At our last Annual General Meeting, the Board of Directors presented the estimated budget for the coming year. This budget provided for a substantial increase of the common expenses, as significant work was to be carried out during the year to upgrade the elevator. Many co-owners did not agree with…...

Management