October 25, 2017 -- Unpaid condo fees worry the co-owners who end up being saddled with them, as the syndicate of co-owners' of Place St. Laurent in Rimouski is well aware .It had to resort to the Superior Court to claim its due.
The amount claimed is close to half a million dollars, owed by a co-owner occupying three commercial floors. The businessman has serious financial problems, to the extent that he has not paid his common expenses since November 2015. His regular monthly fees are $ 20,000.
Until the court’s judgment, the other co-owners must pay outstanding bills, representing almost the equivalent of their monthly condo fees
"It varies from $ 180 to $ 400 monthly for each co-owner. For me, its $ 400 a month, "said Réjean Gauvin, one of the co-owners. “”These are substantial amounts we cannot afford," stated Denis St-Amand, who also owns a condo in Place St-Laurent.
This situation is detrimental to condos resale, whose market value have dropped considerably. The outcome of the trial should normally allow the seizure of the three floors concerned. The syndicate will then be able to put them on sale to reimburse the unfortunate co-owners.
Montreal, October 25, 2017
Source: Journal of Montreal