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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Before buying the apartment of your dreams, find out about the status of the common expenses associated with it, especially those that may have remained unpaid by the seller. Common expenses, better known as " condo fees", which you will have to pay once you become a homeowner, are an essential component to consider. They correspond to the current expenses that you will have to pay regularly for the operation, the administration of the co-ownership and the maintenance of the common portions. Each co-owner participates and generally pays them at the beginning of each month.  
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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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