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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.
10/06/2025
Managing a property entails distinct responsibilities depending on its ownership. While an individual owner enjoys complete autonomy regarding the maintenance of their property, co-ownership imposes a governance framework that oversees the preservation of collective assets. This distinction is central to management and asset management issues....
06/05/2025
The transitional meeting is a key step in the life of a divided co-ownership, marking the transfer of management power from the developer to the co-owners. It usually follows the publication of the declaration of co-ownership and the early stages of building occupancy. It takes place when enough units are…...
16/03/2025
As directors, we are questioning the allocation of common expenses, particularly those related to the common portions designated for exclusive use. One specific case has caught our attention: a wooden rooftop terrace that is for the exclusive use of a co-owner. The declaration of co-ownership states that this co-owner must…...
04/03/2025
Our co-ownership syndicate produces its financial statements annually and sends them to the co-owners at the annual meeting, in accordance with the law. However, we are wondering about the obligation to have them audited by a chartered professional accountant. Some co-owners request a formal audit, while others believe that it…...
17/09/2024
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…...
23/07/2024
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…...
23/07/2024
Although the syndicate’s decision-making bodies are constituted upon publication of the declaration of co-ownership, their effective implementation is, in practice, often carried out by the developer who signed the declaration. The administration and management of the syndicate of co-owners are thus assumed, on a transitional basis, by a director appointed…...
02/04/2024
Optimal management of a co-ownership (condominium) is rooted in the meticulous keeping of a register and so, in accordance with section 342 of the Civil Code of Québec; this register, partially accessible to co-owners, contains vital information for the proper functioning of the co-ownership such as the contact details of the co-owners as well…...
29/02/2024
Preparing a forecast annual budget is an unavoidable task in a co-ownership (condominium); 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 the terms of the forecast annual budget based on the expenses that will have to…...
13/12/2010
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…...
01/03/2022
In theory, your co-ownership doesn't necessarily need a Chartered Professional Accountant to present its financial information, whether it's financial statements, financial forecasts or financing applications. Competent administrators or a manager could do the work and present the required financial information well. However, the need may arise if the co-owners have doubts about…...
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
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…...