The statement of financial position, also known as the balance sheet, lists the assets, liabilities and net assets of the co-ownership syndicate at a specific time. It is a picture of the financial situation at a given date compared to other statements that usually cover a full fiscal year.
The statement of financial position shows assets on one hand and liabilities and net assets on the other. Assets are always equal to liabilities plus net assets. Everyone knows the famous quote "nothing is lost, nothing is created, everything is transformed". This principle is reflected in accounting. The statement of financial position is always balanced since the asset is financed either by the creditors (liabilities) or by the co-owners (the net assets).
November 28, 2017 - The possible destitution of a director or of the entire Board of directors is often brought up when co-owners become dissatisfied with one of their decisions , when a faction intends to "take control" of a syndicate of co-owners and when expensive work is undertaken . This is a serious matter, both in small and large co-ownerships.
When and how to convene such a meeting?
September 29, 2017 – Proxies, coveted by many when a decisive co-ownership vote is foreseen, are a formidable tool during general meetings. Their validity of is often challenged, along with many attempts to render them ineffective. What should you know?
August 10, 2017 - Co-ownership can be a source of disputes. It abounds with elements or subjects that can become irritants and then lead to disputes. The judicial route is sometimes the only means of solution, but there is, meanwhile, an alternative disputes mode of settlement: mediation.
April 18, 2017 - To answer the question of whether you are a victim of intimidation or not, you need to know what constitutes intimidation. Indeed, in co-ownerships and throughout our interactions with others in society, we can experience conflictual situations that are not necessarily intimidation.
Day-to-day co-ownership life, in particular, can lead to many conflictual situations: disagreements between co-owners and directors about a board decision or on work to be carried out; on budgets; on the interpretation of a provision of the declaration of co-ownership or of a by-law; on the obligation of one or another to act when confronted to a problematic situation, etc.
February 27, 2017 - Noise is a common nuisance in co-ownership. It is an extremely sensitive issue, to the extent that many declarations of co-ownership provide stringent by-laws in this area, particularly within multi-floor buildings.
Managing noise issues is a necessity for any Board of Directors and co-owner. This task is however difficult, since what constitutes a nuisance is both objective and subjective. With this in mind, to eradicate harmful noise, the first step is to find its source. We have identified three major causes.
February 16, 2017- It is sometimes difficult for co-owners to figure out, at the organizational stage of their syndicate, their rights and obligations .The function of director is often complex, but it is even more so when the first directors replace the provisional director of the syndicate, in essence the representative of the developer.
February 11, 2017 - On November 11, 2016, Honorable Pierre-A. Gagnon, c.q j., rendered an interesting decision on insurance matters. Although his decision is not strictly related to co-ownership, it could be an eye opening example for several co-owners or syndicates. Here is the situation.
The owners of a home purchased home insurance under a “standard” "multi-risk" policy. The policy took effect on November 30, 2007 for a period of two years. It was renewed four times.
In co-ownership, the rights of withdrawal and of preemption may disrupt the course of a real estate transaction. In my practice, I had to intervene a number of times before proceeding with a sale, often to the astonishment (and sometimes displeasure!) of the parties, to safeguard their rights.
The statement of earnings is essential for performance assessment and informed decision-making. This statement is expressly required by the article 1087 of the Civil Code of Québec. It states that the income statement, in addition to the balance sheet, the budget and the statement of debts and claims, must accompany the notice of the annual meeting.