Definition : Forecast annual budget - Operating expenses

The syndicate of co-owners must, to meet the expenses arising from the co-ownership and the operation of the immovable, collect from its members the necessary sums. It is therefore essential that the co-owners meet their financial obligations on an ad hoc basis. However, the failure to pay general or special  common expenses (condo fees) is one of the most contentious co-ownership’s issues. The role of the board of directors in this matter is paramount, it is up to it to collect the debts of the syndicate. Unless this task is delegated to the condo manager. The syndicate must therefore take the necessary steps to collect the unpaid sums.  A review of the options in such cases.

 At our last Annual 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. Many co-owners did not agree with this decision, but the budget was passed anyway! 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?

Most co-ownership directors assume this activity free of charge, effectively excluding the collection of any amount of money. But, contrary to popular belief, they can be paid. Usually, the remuneration granted to a director is mainly symbolic and is not similar to a remuneration similar to that paid to a condominium manager. Their remuneration takes various forms: salary, honorariums and attendance fees, just to name a few. This financial compensation, a part of the administrative expenses of the co-ownership, may also include the reimbursement of some expenses incurred by a director.