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15/07/2024
Divided co-ownership offers numerous financial and practical advantages that make these properties an attractive option for many buyers, from their lower purchase price in comparison to a single-family home to their well-defined management framework. Are you one of these potential buyers? Would you like to learn more about the process of buying a co-ownership property? Here is some information you may find useful!...
02/07/2024
The decision to sell your divided co-ownership property is an important one, and being well prepared can make all the difference in the selling process. As a seller, it is essential to understand the steps that lead to a successful transaction. In this article, we will explore the key steps to go through when preparing to sell your co-ownership property, which will put you in the best position for a smooth transaction and peace of mind! ...
02/07/2024
In the world of co-ownership, managing and maintaining common portions represent a constant challenge for boards of directors. Among the most critical and costly elements is the rehabilitation of flat roofs. Choosing the right contractor for these works is a crucial decision that can heavily impact the co-ownership’s budget. Boards of directors often struggle to evaluate the skills and reliability of potential candidates. A poor selection can lead to additional costs and delays, exacerbating the initial problems and ultimately compromising the quality and longevity of the repairs....
05/06/2024
Even if it is tax-exempt, every syndicate of co-owners must submit an income tax return each year, both at the provincial and federal levels. This return must be filed within six months following the end of the fiscal year. A syndicate of co-owners must therefore complete the Non-Profit Organization Information Return using CO-17.SP form (at the provincial level) and the Corporate Income Tax Return using form T2 (at the federal level). It is important to note that failure to submit these returns within the prescribed deadlines can result in penalties....
02/06/2024
Imagine returning home after a heavy rainstorm, only to find water damage in the common portions. This scenario underscores the importance of properly maintained gutters. Gutters are an essential element for your co-ownership building, helping to protect it against climatic hazards. Without gutters, the building is exposed to water infiltration risks that can damage common areas and cause significant damage. A blocked gutter may sag, allowing water to infiltrate through the roof. If your gutters overflow, they no longer redirect water far enough from the building, thus overloading your foundation drain. Not to mention, your flower beds can also be damaged....
30/05/2024
A syndicate of co-ownership becomes an employer when it hires an employee under a work contract, whether verbal or written. A work contract exists when an employee performs work for remuneration under the direction or control of an employer (article 2085 of the Civil code of Quebec). This entails new legal responsibilities and obligations for the syndicate of co-ownership (SOC). Failure to comply with these obligations can result in significant legal and financial consequences. To ensure compliant and effective management of this new employment relationship, it is important to follow these step...
08/05/2024
Buying a co-ownership property is a big deal! It’s exciting to move into a new home and start making the place your own for your happily ever after. Unfortunately, this purchase can quickly turn into a nightmare if you discover a latent defect in the building after moving in. That’s why it’s important to take certain precautions before buying your co-ownership property. ...
06/05/2024
As the seller will want to receive the best possible price for their unit and the buyer will want to pay a fair purchase price, it is in the interest of both to know its fair market value. Establishing the market value of a co-ownership unit, however, is not a simple task and those buying or selling this type of property need to work with a qualified professional like a real estate broker....
04/05/2024
May 4, 2024 — Warm weather during the summer months can unfortunately coincide with aquatic tragedies that have fatal consequences. Warm seasons have been marked by tragic incidents in various aquatic environments. For instance, a high school student was found drowned in his school's pool. Additionally, a very young child met the same fate in a family pool. There was also a case of drowning in the indoor pool of a co-ownership. These events raise questions about whether these accidents were due to misfortune or negligence....
26/04/2024
Insurance is certainly one of the budget items that causes the most teeth-gritting. On one hand, it's generally quite expensive; on the other, it's something that ideally remains unused in the distant background. That said, condominium syndicate insurance is—legally—mandatory, so people choose it as a necessary evil. Fortunately, advertisers flood us with insurance ads, so syndicates will have plenty of choices! Not so fast... While it's true that there are countless insurance ads, it's also true that not all insured profiles are the same, and insurers don't address all types. Let's look at this....