The characteristic of divided co-ownership is to divide the building into various lots that will be the exclusive property of the co-owners (private portions), and for others that will be the property of all the co-owners (common portions). These lots are identified by an individual number, which was assigned during the cadastral operation. Each of the private lots of the co-ownership thus constituted becomes a unique property. The distinction between the common and private portions is essential, particularly from the point of view of maintenance, which is the responsibility of the syndicate of co-owners for the common portions and of the co-owners for the private portions.
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Many co-owners carry out work to renovate their apartments, after moving in, to make them more in tune with their tastes and personalities. Redecorating the premises and integrating new equipment,such as in the kitchen or the bathroom, is a legitimate endeavor. To know the rules to be respected, it is better to refer to the declaration of co-ownership. This is how you will have to check, before a project can begin, whether the work in question is subject to prior authorization. Some work can be carried out without prior authorization, while other work requires the approval of the board of directors or of the meeting of co-owners.
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The contingency fund is set up on the basis of forward planning limited to certain works, namely those aimed at the conservation of the common portions. This collective savings thus makes it possible to finance the execution of works allowing the rehabilitation of the common portions as well as the common portions for restricted use. The contingency fund must be used to pay the cost of very specific work, namely those relating to major repairs or the replacement of the common portions of the building. The board of directors must therefore be able to clearly identify what constitutes the common portions and what the notion of major repairs and replacement of the common portions means.
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