Buying a Condo in Montreal

Buying a condo in Montreal is, of course, different from buying a house. A condominium for sale comes with financial advantages such as owning a unit and a portion of a private land as well as with disadvantages such as association fees along with a set of rules and regulations. 

All condominium buildings have associations that govern local policies and all owners of condominium buildings are members of said association. Members of condo associations and elected administrators who allocate expenses for maintenance and who pay monthly association fees for insurance and community maintenance. 

550x605Montreal Photo RLB

Declaration of Co-Ownership

Specific legal documents that need to be read, understood, signed and then filed away. Essential documents such as:

  • Balance of the contingency fund;
  • By-laws of the building;
  • Certificate of insurance;
  • Certificate of location;
  • Declaration of co-ownership;
  • Financial statements of the syndicate of co-ownership.

Mandatory documents called the social contract of the co-owners. Documents that govern the relationship between condominium co-owners and administrators and that describe the methods used to establish the share of the condo fees between condo owners.

550x569Montreal Photo RLB

Condominium Association Management

Many condominium associations believe that, entrusting the management of co-ownership to a volunteer co-owner is the ideal solution. He or she is unpaid and lives in the building, which makes it easier for him or her to look after just about everything.

In reality, condominium associations who take the time to evaluate the pros and cons of a trained condo manager often realize that his or her knowledge and competence does bring a more adequate and a more cost effective administration. 

550x532Montreal Photo RLB

For those who are interested, the Regroupement des gestionnaires et copropriétaires du Québec offers a contract management model with information about the offer, acceptance, consideration, mutuality of obligation, competency and capacity.

Condominium Financial Management

Does the condominium association manage the condo building properly? Consulting the most recent financial statements, including the estimated budget for the next year does give a first indication.

550x595

Are there any overdue condo fee accounts? Is the association in the red? Does the budget fail to provide enough money for maintenance? Or, are the financial statements simply nonexistent?

A revenue and income statement is result-oriented. It lists the total revenues and the total expenses that occurred over a specific period. A bank reconciliation on the other hand, prevents and detects errors and/or frauds by comparing the revenues and the expenses with the bank statement at the beginning and at the end of a specific period. 

Montreal URBAN Kit
Buying a Condo in Montreal
by Rachel Louise Barry

100x100
100x100
100x100
105x105

Solo Build It!

QUESTIONS? About Building Your Business With SBI!

I highly recommend Solo Build It! SBI! took me all the way from an idea to a successful business called Montreal Kits, thanks to its 24/7 serious, genuine, positive and unmatched business building system and to each and every effective tools, courses and support it offers. RLB

Top of Page

Montreal Kits © All Rights Reserved 2018-2022.
The information provided by Montreal Kits is informational only and has no legal value.