Amounts of money that the syndicate collects from all co-owners to cover the expenses resulting from the preservation, the maintenance and the administration of the common portions. Each co-owner contributes, in proportion to the relative value of its fraction, to the general common expenses.
Les charges communes, que plusieurs appellent "frais de condo", doivent être payées à temps par tous les copropriétaires, ce qui contribuera à maintenir la bonne santé financière d'une copropriété.
Administrative, maintenance, replacement, improvement or alteration expenses of the common portions are divided among the co-owners. General common expenses are to be distinguished from particular common expenses, which are allocated under different rules. In the first case, it is the relative value of each fraction that is used to establish the co-owners contribution. As for special common expenses arising from common portions for restricted use, the co-owners using them are alone responsible of the expenses resulting therefrom.
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.
Three months ago, we were called to the annual general meeting of co-owners during which co-owners were consulted on the budget forecast. However since the AGM, we have not received a notice from the Board detailing the amount of our contribution to our co-ownership’s operating budget.
Questions: Isn’t the syndicate required to send a notice of assessment for common expenses? If so, what should it provide?
Login / Register to read this article