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Work affecting an important portion of the immovable and requiring an exceptional expense, such as those related to beams and load bearing walls, the replacement of the roof, to supporting walls, the heating, electrical, plumbing or electronic systems. The cost of such work may be paid from the amounts deposited in the contingency fund.
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…...
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…...
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…...
17/04/2024
The contingency fund is set up on the basis of forward planning limited to certain work namely that which the purpose is the preservation of the common portions; thus, this collective saving allows to finance the execution of work allowing the rehabilitation of the common portions as well as the common portions for restricted use. The contingency fund must…...
01/03/2024
The co-ownership (condominium) gives rise to expenses relating to the maintenance of the common portions and the day-to-day administration of the syndicate. Administrative, maintenance, replacement, improvement or alteration expenses of the common portions are divided among the co-owners of the immovable. General common expenses are to be distinguished from particular common…...
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…...