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:
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. Everyone did not agree with this decision, and the budget was passed! 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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