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The complete set of financial reports, prepared at the end of each financial exercise, which shows the financial and accounting situation of the co-ownership. They include a balance sheet, the income statement for the preceding financial period, the statement of debts and claims. There are three types of accounting engagements to which the financial statements of a syndicate may be subjected, being an audit, a review, or a compilation (notice to reader). These documents are part of the register of co-ownership and shall be made available to any co-owner upon request.
09/08/2022
Your condo does not necessarily need a Chartered Professional Accountant to present its financial information, whether it is the financial statements, financial forecasts or funding requests. Competent administrators or contractors supervised by the directors could do the job and present the required financial information. The need however could however be…...
13/03/2021
Le promoteur, qui fait bien souvent office d'administrateur transitoire tant qu'il détient la majorité des voix d'une copropriété, devra éventuellement procéder à la passation des pouvoirs vers le futur conseil d'administration. Celui-ci sera élu à l'occasion d'une assemblée extraordinaire de transition, laquelle doit être tenue quand ce même promoteur perd la…...
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09/08/2022
The presence of a Board of Directors is mandatory in a co-ownership. It is the executive body of the syndicate and its legal representative. Its members act as the mandataries of the syndicate. When a co-ownership is newly constituted, the declaration of co-ownership generally provides for the appointment of a interim director, who exercises…...
09/08/2022
Expenses related to the maintenance and administration of the common portions of a co-ownerships start from its constitution as a legal person. It is therefore necessary that each co-ownership sets up, upon publication of the declaration of co-ownership, a Board of Directors to administer it. This board of directors is the…...
09/08/2022
Preparing a forecast annual budget is an unavoidable task in co ownership. Its preparation, preliminary examination and adoption will ensure the proper functioning of the syndicate of co-owners. It is up to the Board of Directors to define its terms, in view of the expenses that will have to be paid…...
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15/06/2019
The law provides that a syndicate must keep a register at the disposal of the co-owners. Article 342 of the Civil Code of Quebec specifies that the board of directors keeps the list of members and the books and registers necessary for the proper functioning of the legal person. This register is…...
09/08/2022
January 27th, 2016. Among the various obligations imposed upon each and every Syndicate of co-ownership, there is a particular one worthy of note. It is the obligation to keep the list of the Syndicate’s co-owners and the books and registers necessary for the proper functioning of the Syndicate. This is…...
09/08/2022
For the promising buyer, the offer to purchase is a way to reserve a property on conditions that he sets himself. When signing an offer to purchase, it may be that certain aspects surrounding the sale are beyond its control. This will happen, for example, if they have to sell…...
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09/08/2022
When you buy a unit in divided co-ownership, you do not only acquire an apartment. You also join a group of co-owners responsible for the accounts to be paid to maintain and preserve the building. It is therefore important to be careful and to check, upstream, the financial statements and…...
09/08/2022
As a result of the loss of control of the developer, we have just held the first meeting of co-owners to replace the director who had been appointed by the developer and elect a new board of directors. However, this director has not reported on his administration since the publication…...
09/08/2022
Question: We would like to know if the law requires having our syndicate’s financial statements audited by an accountant....