Definition : Insurance - Appraisal report

Written opinion, generally issued by a Chartered Appraiser, to determine the replacement value of an immovable.This document is an integral part of the register of co-ownership and shall be made available to any co-owner upon request.

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The Law and the overwhelming majority of declarations of co-ownership require that syndicates of co-owners insure their building. This may seem surprising at first glance as the syndicate does not own the private portions nor the common portions. However, its object is to ensure the preservation and the longevity of the building and to manage and administer it diligently following the rules of the trade. This is why legislator have given to the syndicate an insurable interest and has made it compulsory that it subscribe building insurance.
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The law provides that a syndicate must keep a register at the disposal of the co-owners. The majority of  declarations of co-ownership detail the items  it contains. This register is the memory of the syndicate, and consequently, its archives. In is thus invaluable. Much more than a witness to the sound management of an immovable, it is its prime instrument. Therefore, preservation and access are the hallmarks of this register.
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