Definition : Budget forecast - Contingency fund expenses

Amounts spent by the syndicate of co-owners for work related to major repairs and the replacement of the common portions of the immovable, to be distinguished from their mere maintenance.

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Le fonds de prévoyance est le "bas de laine" d'une copropriété. Il sera indispensable lorsque viendra le temps d'engager des travaux majeurs dans l'immeuble, ou qu'il faudra remplacer des parties communes arrivées à échéance.
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 At our last Annual General Meeting, the Board of Directors presented the estimated budget for the coming year. This budget provided for a substantial increase of the common expenses, as significant work was to be carried out during the year to upgrade the elevator. Many co-owners did not agree with this decision, but the budget was passed anyway! I really had the impression that during this meeting, the will of a majority of co-owners was not taken into consideration. Question: What is the power of the co-owners meeting with respect to the vote on the budget? Can it vote against an increase in common charges?
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Le certificat d’état d’immeuble correspond à un « bilan » de l’immeuble : il constate la qualité du bâtiment, à un moment précis. Il comprend l’inventaire des composantes de l’immeuble (espaces extérieurs, bâtiments, logements, équipements, etc.) qui feront l’objet d’une évaluation pour les fins du fonds de prévoyance. Bien il n’y ait pas d’obligation légale à cet effet, ce document devrait être préparé par un technologue professionnel, ingénieur, architecte.
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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 in the medium and long term, so that the community of co-owners can adequately protect its real estate investment. Replacing windows, the roof or rehabilitating the underground parking slabs, to name just a few examples, is usually very expensive. Three options are available to the syndicate to pay for this work:
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The Contingency Fund study is an essential step in the sound management of an immovable held in co-ownership. You should be aware that the amounts paid into this fund are often insufficient, taking into account the amounts required for the necessary work to be carried out on the common portions of the immovable. At least four out of ten syndicates of co-owners state, based on surveys, that they do not have enough money to finance this work. This number increases considerably in immovable built before the year 2000. To alleviate this situation, syndicates caught unprepared use special assessments.
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