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The exercise intended to estimate, in the short, mid and long term, the cost of work to proceed to major repairs of the common portions or their replacement. This survey is intended to establish precisely the amounts to be paid by the co-owners, for their common expenses, for the purpose of collecting annually the amounts required to be able to carry out such work. This document is an integral part of the register of co-ownership and shall be made available to any co-owner upon request.
WHAT YOU SHOULD KNOW! The contingency funds study will be mandatory as of the day following the first three years of entry into force of the Government of Québec's regulation on the subject. If it is adopted in 2024 as planned, the documents will therefore be required from 2027.
19/06/2024
With the entry into effect of the Civil Code of Québec in 1994, the legislator introduced the obligation for every syndicate of co-owners to have a contingency fund in order to anticipate and to finance the future expenses to repair and to replace the common portions; this fund is strictly reserved…...
23/03/2010
In the case of contingency funds, a syndicate of co-owners must have guidelines for the investment of the sums accumulated in the fund. It must clearly define the return and risk objectives for a given period while taking into account constraints such as liquidity needs, the legal context and exceptional…...
23/03/2010
Replacing windows, reroofing or rehabilitating underground parking slabs, to name but a few, is usually very expensive. Upgrading the common portions generally represents significant costs for the co-ownership and managing them can be complex. This reality is accentuated by the aging of Quebec's housing stock and the new obligations introduced…...
16/06/2024
The new provisions introduced by Bill 16 will bring about many changes regarding the contingency fund in a co-ownership. It will be mandatory to obtain a contingency fund study, which will establish the necessary amounts so that the fund is sufficient to cover the estimated cost of major repairs and…...
16/06/2024
Article 1071 of the Civil Code of Québec states :" The syndicate establishes, according to the estimated cost of major repairs and the cost of replacement of common portions, a contingency fund to be used exclusively for such repairs and replacement. The fund must be partly liquid and be available at short notice, and…...
23/03/2010
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,…...
09/08/2022
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…...
11/07/2019
All co-ownerships have common portions that need to be maintained. These may include corridors, stairs, gardens and elevators. The syndicate has an obligation to ensure their maintenance, since the declaration of co-ownership generally provides that it is the main person responsible for them. In addition, article 1039 of the Civil Code…...
13/07/2019
Every syndicate of co-owners has obligations regarding common portions maintenance. Article 1039 of the Civil Code of Québec provides that the object of the syndicate is the conservation of the immovable, the maintenance and the administration of the common portions. However, this section was amended following the adoption of Bill 16. At the end…...
16/06/2024
The contingency fund constitutes first and foremost a prevention tool. The desire to incite co-owners to anticipate the completion of important work is not news. Prior to the entry into effect of the Civil Code of Québec in 1994, it was a frequent occurrence for a co-ownership (condominium) to have…...
31/05/2024
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…...
02/04/2024
Optimal management of a co-ownership (condominium) is rooted in the meticulous keeping of a register and so, in accordance with section 342 of the Civil Code of Québec; this register, partially accessible to co-owners, contains vital information for the proper functioning of the co-ownership such as the contact details of the co-owners as well…...
22/03/2024
En tant que membre du conseil d'administration de notre syndicat de copropriété, je suis fréquemment confronté à une variété de documents et communications qui emploient divers acronymes et abréviations propres au secteur de la copropriété. Dans le but d'améliorer ma compréhension ainsi que celle des autres membres du conseil, et…...
09/03/2024
As the president of the board of directors, I received a request from a real estate broker seeking full access to our contingency fund study and the building's maintenance log. This latter document compiles detailed information on maintenance procedures and work carried out in the building. These documents have never…...
29/02/2024
Preparing a forecast annual budget is an unavoidable task in a co-ownership (condominium); its preparation, preliminary examination and adoption will ensure the proper functioning of the syndicate of co-owners. It is up to the board of directors to define the terms of the forecast annual budget based on the expenses that will have to…...
01/01/2024
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…...
01/01/2024
Dans cette capsule vidéo, l’avocat émérite Yves Joli-Coeur aborde un sujet essentiel pour tout syndicat de copropriétaires : le Carnet d’entretien. Il rappelle que tout syndicat de copropriétaires a des obligations à assumer en matière d’entretien des parties communes. Selon l’article 1039 du Code civil du Québec, le syndicat a…...
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16/09/2010
By buying an apartment in a co-ownership, you will most likely invest the largest amount of money of your life. In order to avoid being caught off guard during the steps prior to this acquisition, you will need to be well accompanied. After finding the condo that suits you, the…...
28/12/2023
Expenses related to the maintenance and administration of the common portions of a co-ownerships start from its constitution as a legal person. It is therefore necessary that each co-ownership sets up, upon publication of the declaration of co-ownership, a Board of Directors to administer it. This board of directors is the…...
04/12/2023
When the sale concerns a fraction of a divided co-ownership of a residential immovable, the preliminary contract must be accompanied, at the time of its signature, by certain documents (such as forming with it an indivisible whole). This includes the information note on the essential characteristics of the project, whether…...
20/11/2020
Le carnet d'entretien contient notamment l'historique des travaux réalisés dans un immeuble. Ainsi, les administrateurs nouvellement élus sauront ce que leurs prédécesseurs ont fait....
18/06/2020
La Webradio de Condolegal.com, du mercredi 17 juin 2020, portait l'étude du fonds de prévoyance et le carnet d'entretient. Ces outils de gestion deviendront obligatoires, en vertu de l'adoption du projet de loi 16, en décembre 2019. Les syndicats de copropriétaires pourront, ainsi, mieux planifier les travaux à faire dans leur immeuble,…...
09/08/2022
December 14th 2015 - Besides seeing to the respect of the declaration of co-ownership, you as directors of a condominium must ensure the maintenance and conservation of the building. It is your uppermost duty and the majority of your tasks ensue from this fundamental obligation....
23/03/2010
Seven years ago, the board of directors engaged professionals to conduct a contingency fund study. Upon reviewing it, the directors at the time deemed the financial contributions required from the co-owners to the contingency fund too costly. Recently, a sale of an apartment in our building failed because the buyer…...
23/03/2010
I am a recent co-owner. The building I live in has 10 units. The contribution to contingency fund is substantial. In fact, it represents 20% of the budget of the co-ownership! That seems excessive. Question: Is there a ceiling to the amounts to be paid in the contingency fund?...