Definition : Co-ownership fees (condo fees)

All of the current expenses of the co-ownership for maintenance and management of the common portions of the immovable, the preservation of the immovable and the amounts paid into the contingency fund.

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22 août 2013- Un devoir fondamental d’assurer l’entretien et la conservation de l’immeuble s’impose aux administrateurs de tout syndicat de copropriété; c’est d’ailleurs là leur mission première. Il en découle l’obligation de pourvoir aux coûts engendrés par ces travaux. Voyons donc quelles sont les principales sources de financement des travaux en copropriété.
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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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To avoid financial problems, it is important to verify, before your purchase, that the co-ownership has implemented sound management practices and controls of its expenses. To do so, you should ask questions to your vendor to find out if the syndicate keeps adequate financial records.
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Before purchasing a condo, you must, without fail, review carefully the legal documents of the coveted building. This tedious exercise will allow you to find out problematic areas or potential deficiencies, which may cause you to review your decision to purchase.
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