EcoPlus Services now offers the service of preliminary inspection and study of contingency funds for condominiums in Quebec.

Comply with Bill 16 of the Civil Code of Québec and contact us for a quick and free quote.

What is Bill 16?

Bill 16 represents a major legislative initiative in Quebec to establish comprehensive regulation of building inspections and divided co-ownership.

It makes a series of substantial changes to the Civil Code. These changes include increased responsibilities for syndicates of co-owners, including:

• The obligation to keep a detailed maintenance log of the building.
• The requirement to obtain a thorough study of the contingency fund, aimed at ensuring the financial viability of future major repairs and replacement of common elements.

In the specific area of co-ownership, the Law also requires the provision of essential information to potential buyers of fractions of co-ownership, while strengthening the mechanisms for protecting deposits paid by them. In addition, it introduces new guidelines to improve the management of meetings of co-owners and to clarify contributions to common portions with restricted use.

Why a pre-Inspection in addition to a study for a contingency funds?

The importance of due diligence in the context of preparing a contingency fund study is noteworthy. In most cases, it is recommended that a thorough inspection be conducted before starting this study. However, it should be noted that there are special circumstances where this pre-inspection may not be necessary. You may be eligible for a contingency fund study without requiring a preliminary inspection if:

• Your building is less than 5 years old
• Your building has 10 units or less
• Your building has already undergone end-of-warranty inspections and,
• All relevant documents concerning the work and maintenance are accessible.

It is crucial to understand that the main objective of the contingency fund study is to anticipate the costs associated with the maintenance and repairs of the building over a period of 25 years to come. To ensure the accuracy of these financial projections, experts rely on the current condition of the building. An accurate initial assessment makes it possible to establish more reliable projections adapted to the reality of your building.

The importance of the contingency fund study lies in its ability to accurately establish the necessary financial contributions from the co-owners. This study makes it possible to design a short-, medium- and long-term financing plan, thus ensuring that major repairs and replacements of common elements can be carried out. Thanks to these forecasts, the syndicate of co-owners can set the annual co-ownership fees necessary to maintain the strength of the contingency fund, thus eliminating the need to impose special or extraordinary contributions on co-owners.