Definition : Request for information to the syndicate of co-ownership (DRCOP)

I want to know how the condo fees (common expenses) appearing in the ads of real estate agencies are established. These are not constant and put a doubt in the minds of those who want to buy in condominiums. Question: Is there a uniform directive in real estate agencies in this area? What advice should a real estate broker give to his client when he assists him in completing the form of the declaration of seller ? Some vendors report all costs, others report only current expenses (e.g., maintenance, operation and administration expenses of common portions). These two ways of doing things can vary the amount of condo fees by 300%, which can represent significant amounts for a buyer.

Question: I want to sell my apartment. I am aware that I must provide a number of documents to the real estate broker who takes care of the sale, to the buyer in the making whose offer I will have accepted and to the  notary who is in charge of drafting the official documents of the sale. Specifically, whatare the documents to be communicated to the buyer of a co-ownership?

When selling an apartment, we, as directors, frequently have to fill out and provide documents to notaries and real estate brokers. Obviously, we understand that the objective is to inform the future co-owner on a number of points relating to our co-ownership. Questions:  We want to know: If we are entitled to charge a fee to take care of these files? If so, what is the amount considered reasonable?  Should we proceed by adding to the by-law of the building? If so, can we proceed by a majority vote or simply by decision of the Board of Directors?

Question:  We have accumulated significant sums for the repair of the roof, which is to take place in ten years. As part of the sale of my apartment, can I ask the buyer or the syndicate for a refund of the contributions I have paid to the contingency fund?

Seeking the services of a real-estate broker, who was formerly referred to as a real estate agent, is not mandatory. However, unless you are able to assume the purchase and / or sale of a fraction of a building held in divided co-ownership by yourself, which will require ample time as well as in-depth knowledge in various fields, you would benefit from being accompanied by a competent real estate broker during your procedures. When you use the services of a real estate broker to buy, sell or lease a property, you are protected by the Real-Estate Brokerage Act.  

Managing a co-ownership requires accounting and financial skills. If the manager masters them, he will be able, under the supervision of the board of directors, to play a crucial role in the proper operation of the immovable. For instance, he will know how to balance budgets and manage efficiently the funds of the co-ownership such as monitoring contracts with various service providers, the payroll (salary of the janitor) and the work to be done in the short, medium and long term. A review of the various financial tasks that could be entrusted to the co-ownership manager.  

There is an administrative component in co-ownership Management that should not be neglected; its proper implementation will ensure the smooth operation of the syndicate of co-owners. The contractual agreement between the latter and the manager, may stipulate that various assignments – all equally important - allocated to the manager. If many cases, his duties will be numerous and will require not only thorough knowledge of the declaration of co-ownership, but also reasonable knowledge of the legislative framework governing this collective housing mode. A review of the range of duties that can be entrusted to co-ownership managers.

I want to buy a condo, but I am aware that for the most part the documents necessary for an informed purchase are in the register of the co-ownership.    Question: How can I access the register of the co-ownership? Is it for me or the seller to ask? If I have to take care of it, can I do it alone or do I need a third person to accompany me through this process? Answer: The co-owners are entitled to have access to the register of the co-ownership, in accordance with the duties of the syndicate. However, potential buyers are deemed to be complete strangers, which explains why many syndicates do not usually allow them access.