Condo Contingency Fund Study in Montreal

The contingency fund study : an obligation as well as a real management tool

 

The creation of a condo contingency fund by any syndicate has been a legal obligation since 1994. But today, with the adoption of Bill 16 in December 2019, the syndicate is also required to hold a condo contingency fund study in its condominium register.

Indeed, it is on the basis of this study, which deals with the cost of major future repairs and replacements expenses in the common areas, that the budget of the fund is determined.

 

We conduct your condo contingency fund study!

 

Due to its technical complexity, planning this study is a matter for specialists, and that’s why many syndicates are deciding to turn to an expert. Choose caution and strategy by turning to Condo Strategis: we will conduct on behalf of your syndicate the budget study for your property with all the seriousness that this mission implies.

 

How do we conduct your condo reserve fund study?

 

Our studies about the contingency fund of your condo are conducted by our team, which is qualified in construction and boasts several years of experience in condominium management

 

  1. We perform a detailed inspection of your building, during which we collect all the information regarding the elements that make up the building, such as lifespan.
  2. We synthesize this information, estimate the work, and develop a funding scenario in the form of a table, with an indication of the annual budget and expenses required and the contribution needs.

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What are the benefits of the reserve fund study ?

 

This clear, concise, and easy-to-read emergency fund study allows you, as condo directors and condo owners, to :

 

  • ensure sufficient funds for emergency repairs
  • make informed and long-term planning decisions
  • proceed with calls for tenders
  • plan the work and calls for contributions in short
  • manage the major work with peace of mind.

 

Difference between quebec fund and general fund

 

It should be noted that the condo contingency reserve fund in Quebec differs from the general contingency reserve fund. The terms of which are sometimes stipulated in the declaration of co-ownership, which is used to deal with any unexpected major repair and replacement costs that the syndicate may incur.

What are the benefits of the contingency fund study?

The contribution amount will not be left up to the administrators’ goodwill or up to comments made at the annual general assembly by co-owners. There will be less special assessments, which will reassure potential buyers and in doing so, this will have a direct impact on the value of the Syndicate’s assets and that of each private unit.

The contingency fund study conducted by Condo Stratégis gives administrators a clear picture of work to be done as well as the amount that must be invested. In addition, syndicate administrators will finally have a document on which to rely on whereby they can properly explain to each co-owner where money goes and where money will be invested yearly in the contingency fund. The study will allow administrators to have ample markers to perform annual general assemblies in an atmosphere that is better structured and surrounded by greater understanding.

Our condominium expert

François Durocher

Experience

Senior Real Estate Manager, Mr. Durocher brings to Condo Stratégis and its administrators legal expertise and mediation experience. Bachelor in physical sciences, and professional civil engineering technologist, his more than 30 years of experience in the field, in management and technical-legal mediation, Mr. Durocher shares his wealth of knowledge and experience with all our customers and partners.

 

His approach

When the opinions are divergent and sometimes ambiguous, he can, in a simple and popular approach, bring the necessary clarifications, as much for your important work decisions as for strategies to adopt in difficult situations. Mr. Durocher will advise and support you during the preparation of your Syndicate’s Contingency Fund Study, during situation analyses requiring expertise or choice of a particular professional.

François Durocher

Senior Real Estate Manager, Mr. Durocher brings to Condo Stratégis and its administrators legal expertise and mediation experience. Bachelor in physical sciences, and professional civil engineering technologist, his more than 30 years of experience in the field, in management and technical-legal mediation, Mr. Durocher shares his wealth of knowledge and experience with all our customers and partners. When the opinions are divergent and sometimes ambiguous, he can, in a simple and popular approach, bring the necessary clarifications, as much for your important works decisions as for strategies to adopt in difficult situations. Mr. Durocher will advise and support you during the preparation of your Syndicate’s Contingency Fund Study, during situation analyses requiring expertise or choice of a particular professional.

You wonder what is a reserve fund for condos, and how much should a condo reserve fund be?

Meet our team in less than 48 hours for your condo contingency fund study!

Discover our other services

Administrative management

Regular follow-up, effective communications, constantly updated condominium register

Financial management

Quick recoveries, monthly presentations of financial statements

Building management

Weekly visits with report tracking, PGA updates, preventions

Human resources management

Recruitment and methodical staff follow-ups

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