Definition : Work - Financement (parties communes)- Condo condo Quebec

Definition : Work - Financing (common portions)

Allocation of funds (by the syndicate of co-owners) destined for the execution of work to be done in the common portions. These funds may come from a variety of financing sources, including:

From the operation fund;

From the contingency fund, in the case of major repairs, or the replacement of common portions at the end of their useful life;

From self-insurance fund, in the case of rehabilitation work of the building, resulting from a loss, which are not compensated by the insurer.

A loan contracted by the syndicate;

A special assessment from the co-owners, when the syndicate does not have the required amounts, and/or in the event that the contingency fund cannot be used to carry out the work.

Webradio du 2 décembre 2020: Les travaux en copropriété

Les travaux à faire dans une copropriété peuvent être décidé par le conseil d'administration, alors que d'autres nécessitent un vote par l'assemblée des copropriétaires.

FINANCING THE WORK

Co-ownership work is of the utmost importance. Yet, they are more often than not overlooked by the syndicates of co-owners. Work that needs to be done in common portions can be minor or major in scope. Yet one needs money to pay for them. Good financial planning is therefore advisable in the medium and long term, so that the community of co-owners can adequately protect its real estate investment. Replacing windows, the roof or rehabilitating the underground parking slabs, to name just a few examples, is usually very expensive. Three options are available to the syndicate to pay for this work:

Definition : Work - Financing (common portions)

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