Contingency Fund

                                                                                                                            The Contingency Fund is to be used strictly for major repairs and replacements of common portions. It should not be used to fund their maintenance.

As nice as it may be, a new co-ownership will age and will require, sooner or later, major repairs. The Contingency Fund will prevent it from financial worries, on account of directors who may not have forecasted putting aside the necessary amounts. This fund will enable co-owners to meet their obligations, thereby safeguarding the sustainability of their immovable. Thus, they will avoid the future generation’s buyers being saddled with the heavy burden of delinquent co-ownerships due to their negligence and carelessness.

 

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