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How to Read Your Condo Financial Statements?

How to Read Your Condo Financial Statements?

Did you know that it is mandatory for each syndicate and condo board to keep at the disposal of the co-owners a precise list of documents, including the condominium financial statements? Even if you’re not a financial management professional, it’s still possible to...

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The condo property management responsibilities

The condo property management responsibilities

What are the condo property management responsibilities? In addition to their skills, attentiveness, responsiveness, availability are qualities that are expected of a condo property manager. Note that the role of the property manager in condo buildings is numerous and...

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Water Leaking in a Condominium: Who’s Responsible?

Water Leaking in a Condominium: Who’s Responsible?

When water damage occurs in a property, two actions must be taken as quickly as possible. You have to find the cause urgently to stop the damage and avoid making it worse, and you have to alert the insurance company. But what about water leaking in a condominium?...

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How much coverage for condo insurance?

How much coverage for condo insurance?

How much coverage is there for condo insurance? In Quebec, with the passage of Bill 141, condo insurance now has a stricter management framework. This is reflected mainly in the assessment of the value of the building every five years, the insurance fund, and the...

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What is a condo contingency fund?

What is a condo contingency fund?

Since 1994, the law has required each condo syndicate of co-owners to establish a contingency fund for their condo. Another legal obligation was imposed on condos with the entry into force of Bill 16 on January 10, 2020. In effect, since that date, each condominium...

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Condo Association Fees: 5 Things to Know

Condo Association Fees: 5 Things to Know

You’re about to become a co-owner for the very first time, and the condo association fees are adding to your expenses. New condo owners aren’t always aware of this when buying their property, but becoming a co-owner involves paying contributions to the contingency...

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Should You Buy a Parking Space with Your Condo?

Should You Buy a Parking Space with Your Condo?

Section 1044 of the Civil Code of Québec stipulates that condo parking spots are presumed to be common portions. And the “first come first served” rule applies, unless the declaration of co-ownership stipulates that these are restricted-use common portions. Learn more...

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5 Questions to Ask a Condo Management Company

5 Questions to Ask a Condo Management Company

Before entrusting a portion or the complete management of a condominium to a firm, it’s essential to inform yourself about the company’s skills and seriousness. In addition to the information that can be gleaned about the company, it’s important to communicate with...

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