Definition : Common expenses (condo fees) - Special assessment

Amounts of money requested by the syndicate of co-owners from all the co-owners generally to pay expenses that were not provided for in the co-ownership’s annual budget forecast. This type of request for funds is often related to the execution of work, by the syndicate when it is not possible to use the contingency fund by reason of  the nature of the work, or because of a contingency fund insufficiency

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Almost every insurance policy includes deductibles, in varying amounts according to the insured risk (e.g. fire and water damage). In co-ownerships, deductibles are a factor in the Building insurance, and in the third party liability insurance of the syndicate, directors, general meeting officers, co-ownership manager (gérant) and of the condo manager (gestionnaire). Regarding co-owner’s insurance, generally each home insurance policy contains one or more deductibles for various amounts according with the nature of the loss.  
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Before purchasing the apartment of your dreams, find out the status of the expenses (condo fees) of the apartment owing by the vendor, as you will have to pay the arrears once you become the owner of the apartment.
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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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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.
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9 juin 2010- Vous avez acheté un condo à Francisco, propriétaire qui a converti son triplex en copropriété divise. Ce propriétaire habite au rez-de-chaussée où sont situées les entrées d’eau des trois (3) condos. Dès le départ, les relations sont houleuses puisqu’il ne paie pas ses frais de condo et n’entretient pas son unité.
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