Quebec condo owners: Here are some changes to divided co-ownerships coming this month
Some changes are coming to how divided co-ownerships are managed in Quebec, such as condominium buildings.
The changes take effect Aug. 14.
The new regulations call for maintenance logs and contingency funds to ensure 'more transparent and responsible management,' according to the Société d'habitation du Québec website.
Property associations will be required to establish a maintenance log and have a contingency fund study produced within three years and one day.
The goal of the maintenance log is to 'record all work done and to be done on the building to ensure rigorous monitoring of its condition,' according to the Quebec housing group.
The maintenance log must include:
A detailed inventory of the building's common areas (including materials, appliances, and equipment) and private areas the association is responsible for
A description of major repairs and replacements to be carried out over the next 25 years (with a completion date for each)
An assessment of the condition and estimated remaining useful life of the materials, appliances, and equipment listed in the inventory
A list of major repairs and replacements carried out, along with their completion date and cost
Documents relating to the work (plans, specifications, contracts, etc.)
Who can fill out the maintenance log?
Only a member of the Quebec Order of Engineers, the Order of Chartered Appraisers, the Order of Architects, Order of Professional Technologists may create the maintenance log.
This person may not have any direct connection with the condominium or its occupants. For example, they can't be a member of the board of directors, manager of the co-ownership, co-owner or occupant of the building, spouse of a co-owner or occupant of the building, or shareholder, officer, director or employee of a company that is a co-owner of the building, occupies it or manages it.
The maintenance log needs to be updated at least once a year by the condominium board of directors and then reviewed at least every five years by a professional.
Review of the contingency fund
A study of the condominium's contingency fund must also be carried out to 'ensure that the condominium has the necessary funds to finance major repairs and replacements to be made in the common areas,' the housing society explained.
The study needs to be based on data in the maintenance log and updated every five years.
'It allows you to estimate how much money needs to be set aside each year to avoid unpleasant surprises when major repairs and replacements to common areas need to be made,' according to the Société d'habitation du Québec website.
That will allow the association and the building's co-owners to determine part of their condo fees.
The contingency fund study can also only be carried out by one of the professional groups listed above, or a member of the Quebec Order of Chartered Professional Accountants.
Again, they can't have any connection with the condominium or its occupants.
Here's a summary of all the new regulations
- With a report by Émile Bérubé-Lupien / Noovo Info
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