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<\/p>\nFind out about the rights, obligations, and responsibilities of the syndicate, the board of directors and the co-owners.<\/p>\n
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As each condominium applies its own regulations, do not hesitate to meet with the syndicate of your building to ask all your questions. Only they will be able to give you the right information.<\/strong><\/p>\n In search of an urban lifestyle, many people opt to purchase a property held in divided co-ownership. However, this raises\u00a0certain\u00a0questions such as: How to settle a dispute with another co-owner? Who is actually responsible for a particular portion of the building: the owner or the syndicate? Does the board of directors have the right to incur an expense in a particular situation? A declaration of co-ownership sets out the scope of the rights and obligations of the syndicate, the board of directors, and the co-owners, and is registered in the Land Register.<\/p>\n What is divided co-ownership?<\/strong><\/p>\n Divided co-ownership involves private portions which belong exclusively to the owners concerned, as well as common portions which are the property of all co-owners.<\/p>\n By signing the act of sale, the co-owners become owners of a private portion of the building for which they have exclusive use. The modifications that can be made include the interior layout, decoration and the choice of flooring, wall coverings and ceilings.<\/p>\n Common areas refer to the portions of the building for which the responsibility is shared by all the co-owners, such as the building structure, corridors, balconies, elevators, and parking.<\/p>\n The rights and obligations of the syndicate<\/b><\/p>\n The syndicate is a separate legal person set up to facilitate the administration of a property held in divided co-ownership. While the syndicate includes all co-owners, its management is ensured by a board of directors.<\/p>\n Documents upon request<\/b><\/p>\n The syndicate must ensure that each co-owner can obtain a copy of various documents such as the declaration of co-ownership, minutes of meetings of co-owners, financial statements and various applicable contracts.<\/p>\n Contingency fund<\/b><\/p>\n The main obligation of the syndicate concerns the maintenance of building and common portions, as well as the carrying out of the work necessary for its preservation. By law, each co-owner must pay at least 5% of their contributions into the\u00a0contingency fund.\u00a0This fund must always remain liquid and available. Insurance<\/b><\/p>\n Insurance for divided co-ownership is the subject of Bill 141. Accordingly, the syndicate is required to take out third person liability insurance, as well as property insurance covering the common and private portions up to the replacement value of the building.<\/p>\n What is the role of the board of directors?<\/b><\/p>\n As agent of the syndicate, the board of directors is composed of the property\u2019s co-owners. It carries out simple administrative tasks such as:<\/p>\n
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