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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....
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...
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....
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....
02/07/2024
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....
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! ...
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!...
30/08/2024
Compulsive hoarding disorder, also known as syllogomania or hoarding disorder, is characterized, according to a reference book published by the American Psychiatric Association (APA), by an individual’s persistent difficulty in discarding or parting with their possessions, regardless of their actual value, due to an intense need to save them and the distress associated with the idea of discarding them. People suffering from this disorder may accumulate all sorts of items, ranging from common household objects to trash....
10/09/2024
Managing a co-ownership involves many responsibilities, among which loss prevention is essential. Among the risks most feared by directors, co-owners, managers and insurers, water damage occupies a prominent place. Indeed, a water leak, if not detected in time, can cause considerable damage, both material and financial. In addition to repair costs, water damage can lead to interruptions in the daily lives of residents, disputes between the syndicate and the offending co-owners and a deterioration in the quality of life within the building. For these reasons, it is essential to implement effective preventive measures, among which early detection plays a key role....
01/10/2024
Recently, I was confronted with a situation that raises important questions regarding insurance in divided co-ownership. After a loss caused by torrential rains, a co-owner refused to allow the contractor designated by the insurer to intervene in their private portion, preferring to hire their own contractor. This case led me to reflect on several issues: Can the co-owner refuse the contractor proposed by the insurer or the syndicate of co-owners? What are the possible alternatives to ensure that the work is carried out properly and on time? What are the rights and obligations of the syndicate of co-owners in such a situation? These questions directly touch on the legal obligations and practices to be respected when carrying out repair work in co-ownership, and deserve to be explored in depth to fully understand everyone's rights and responsibilities....