New regulation on co-ownership in Québec

One of the main new features of this regulation is the requirement for the syndicate of co-ownership to conduct a study of the contingency fund. This regulation sets out specific standards to be followed when carrying out this study, which aims to determine the amounts needed for the contingency fund to be sufficient to cover major repairs and the replacement of common areas. The professionals authorized to conduct these studies are also designated by the regulation, ensuring a rigorous and uniform application across co-ownerships.

The regulation also introduces the requirement to maintain a maintenance logbook .

This sets out the standards to follow for creating, updating, and reviewing the logbook, which must document past and future interventions on the building.

Similar to the contingency fund study, the professionals qualified to establish and review the maintenance log are defined by the regulation.

Finally, the regulation requires the seller of a co-ownership unit to provide the potential buyer with a certificate on the state of the co-ownership, established by the syndicate of the co-ownership, with its format and content specified by the regulation.
The syndicate must issue this certificate within 15 days of request. It must contain essential information about the financial situation of the co-ownership and ongoing work, ensuring transparency.
This aims to protect buyers by offering them a clear view of the co-ownership before acquisition, while guaranteeing the financial stability and proper management of the buildings.