Definition : Co-ownership fees (condo fees)

All of the current expenses of the co-ownership for maintenance and management of the common portions of the immovable, the preservation of the immovable and the amounts paid into the contingency fund and into the self-insurance fund.

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22 août 2013- Un devoir fondamental d’assurer l’entretien et la conservation de l’immeuble s’impose aux administrateurs de tout syndicat de copropriété; c’est d’ailleurs là leur mission première. Il en découle l’obligation de pourvoir aux coûts engendrés par ces travaux. Voyons donc quelles sont les principales sources de financement des travaux en copropriété.
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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.
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When you buy a unit in divided co-ownership, you do not only acquire an  apartment. You also join a group of co-owners responsible for the accounts to be paid to maintain and preserve the building. It is therefore important to be careful and to check, upstream, the financial statements and the good management of the syndicate. To get a clearer picture, the two basic questions to ask are: Have the directors put in place an appropriate management? And do they have a good control of its financial component? To find out, you should ask questions to your vendor and the syndicate. This will allow you to see whether the condominium follows rigorous accounting methods or not.
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The declaration of co-ownership is intertwined with the purchase of an apartment held in divided co-ownership. A genuine "user's guide", this document defines the rules to be observed in the immovable, as well as its administrative and management guidelines. Before acquiring a condo, any careful buyer should, imperatively, read the declaration of co-ownership. He will thus be able to verify the extent of his obligations and duties and the limits to his ownership rights. He will be able to evaluate its terms and conditions and make a decision on buying or not.
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