Contingency fund study

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

 

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

The creation of a contingency fund by any condo 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. Due to its technical complexity, conducting 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 Stratégis: we will conduct—on behalf of your syndicate—the contingency fund study for your condominium with all the seriousness that this mission implies.

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What are the benefits of the contingency fund study?

The creation of a contingency fund by any condo 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. Due to its technical complexity, conducting 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 Stratégis: we will conduct—on behalf of your syndicate—the contingency fund study for your condominium with all the seriousness that this mission implies.

At Condo Stratégis, our condo contingency fund studies are conducted by our team, which is qualified in construction and boasts several years of experience in condominium management. First of all, we perform a detailed inspection of your building, during which time we collect all the information regarding the elements that make up the building, in particular their lifespan. We then synthesize this information, estimate the work, and develop a funding scenario in the form of a table, with an indication of the budgets required and the contribution needs. This clear, concise, and easy-to-read information allows you, as condo directors, to make informed decisions, proceed with calls for tenders, and plan the work and calls for contributions—in short, to manage the major work with peace of mind.

It should be noted that the condo contingency fund in Quebec differs from the general contingency fund, the terms of which are sometimes stipulated in the declaration of co-ownership, which is used to deal with any unforeseen expenses 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 building experts

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.

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.

Nadine St-Arnaud

At Condo Stratégis, Ms. St-Arnaud is a valuable source of advice and thoughtful suggestions. She is proud to have a solid building construction plans production experience, in materials calculations, study supervision in mold and indoor air quality, rare are situations she hasn’t already encountered. Upon a disaster, Ms. St-Arnaud is the designated person who will be responsible for taking charge of the situation with the disaster teams, your insurance company, and with suppliers who will carry out the renovation work. Her training in building drawing will favour a quick technical understanding of your needs and those of your building.

Nadine St-Arnaud

At Condo Stratégis, Ms. St-Arnaud is a valuable source of advice and thoughtful suggestions. She is proud to have a solid building construction plans production experience, in materials calculations, study supervision in mold and indoor air quality, rare are situations she hasn’t already encountered. Upon a disaster, Ms. St-Arnaud is the designated person who will be responsible for taking charge of the situation with the disaster teams, your insurance company, and with suppliers who will carry out the renovation work. Her training in building drawing will favour a quick technical understanding of your needs and those of your building.

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