Method allowing the allocation of common expenses between the various co-owners. This method must take into account the relative value of each fraction and the cost generated by the use by the co-owners of the common portions for restricted use.
Managing a co-ownership requires accounting and financial skills. If the manager masters them, he will be able, under the supervision of the board of directors, to play a crucial role in the proper operation of the immovable. For instance, he will know how to balance budgets and manage efficiently the funds of the co-ownership such as monitoring contracts with various service providers, the payroll (salary of the janitor) and the work to be done in the short, medium and long term. A review of the various financial tasks that could be entrusted to the co-ownership manager.
Common expenses or “condo fees”; you will have to pay them once you become an co-owner. They are an important element to consider before your purchase.
Three months ago, we were called to the annual general meeting of co-owners during which co-owners were consulted on the budget forecast. However since the AGM, we have not received a notice from the Board detailing the amount of our contribution to our co-ownership’s operating budget.
Questions: Isn’t the syndicate required to send a notice of assessment for common expenses? If so, what should it provide?
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