April 17th, 2020- Co-ownership law is in full swing and is currently undergoing major reform. But what about the tacit amendments to the Declaration of Co-Ownership and the building regulations? For example, if a co-owner has been using unused space in the garage for more than ten years to store their personal property, do they have the right to use it indefinitely? Will the person eventually buying this unit also be able to use this space to store their property?
March 17, 2020 — Several syndicates of co-owners are wondering how to react to the coronavirus so that their day-to-day business could continue. Even if the contagion risks impose temporary isolation measures on Quebecers, co-owners should not imagine that time has stood still.
Condominiums must continue to function as adequately as possible, especially financially, in order to ensure their longevity. In this newsletter, Condolegal.com suggests some legal opinions formulated by Michel Paradis, Partner at Therrien Couture Joli-Coeur and me. This will allow you, in this time of crisis, to better understand how the day-to-day affairs of a co-ownership work.
September 3, 2019 - Many syndicates believe entrusting the management of a co-ownership to a volunteer co-owner is the ideal scenario. He is unpaid and lives in the building, which will make it easier for him to solve problems. But in reality, those who take the time to evaluate the pros and cons of the services of a condo manager often discover that his presence could allow a competent administration and generate savings.
The condo manager is a one-man or one-woman orchestra but is also the unfailing ally of the syndicate of co-owners. Directors who do not have the expertise to properly manage their building should, perhaps, consider using his services. This will prevent the risk of potentially costly errors. Sound building management is essential to avoid slippages that can cause considerable damage to a collectivity of co-owners.
Every January or February, the manager, the accountant or the administrator of the co-ownership syndicate must complete, at the request of the co-owners concerned, the form TPZ-1029.MD.5-V for the tax credit for home support services for seniors. Completing this form requires an analysis of the accounting books to use only eligible expenses. This work can take a lot of time, depending on the volume of transactions of the condominium. It is tempting to charge the co-owner requesting this form a fair amount of professional fees for the production of the said document. Especially that in condominiums, the trend is according to the user-pays principle. Can we do it?
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).
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.
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.
October, 8, 2016 - Article 1039 of the Civil Code of Québec stipulates that the syndicate of coowners is responsible for the preservation of the immovable, its maintenance and the administration of the common portions. As a result, the initiative to undertake work in common portions comes from the syndicate, acting through its Board of Directors. This applies both to work intended to correct construction defects and work for the rehabilitation of the immovable, following a loss caused by a co-owner.