I am the co-owner of a new condo. Other owners and I have recently discovered cracks in the foundation of the building, as well as water infiltration in the garage. The promoter is mute, and we have not yet transferred the administration.
Question: Should we refuse to elect our first Board of Directors, until the issues identified have been corrected? And should I sell immediately before other major problems arise?
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
I have been living for a year in a condo I bought in a recently built building. To my surprise, there is still no contingency fund being funded. We pay the common expenses of the immovable monthly (maintenance, snow removal, condo insurance), but no 5% of the budget contribution to "Contingency fund". Yet, a lawyer friend told me it was mandatory!
Question: Is this normal?