The study of Planibâtimat contingency funds

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The contingency fund is a financial entity dedicated specifically to the costs incurred by major works and the replacement of common areas of a building, in contrast to regular maintenance. It is not intended to cover expenses related to daily maintenance.

Instead, it is designed to anticipate the long-term financing of the substantial work needed in shared spaces, allowing these significant costs to be spread over an extended period of time.

At Planibâtimat, we are perfectly equipped to meet your needs. Thanks to our team of certified technologists, we are able to provide a contingency fund valuation service in accordance with the recently implemented Bill 16.

The need for a condominium to create a contingency fund is a legal obligation, as it concerns collective protection against possible maintenance management.

In addition, the analysis of the contingency fund is a step required by law.

It is essential for the sound management of a condominium building. The purpose of this analysis is to estimate, in the short, medium and long term, the cost of major work and the replacement of common areas.

This analysis estimates the amounts that the co-owners will have to contribute over a 25-year period as common expenses. This makes it possible to collect the sums of money needed to carry out the replacement of the building’s components when the time comes.

At Planibâtimat, we specialize in offering financial solutions tailored to the specific needs of condominium syndicates. We understand that every condo corporation is unique and that financial challenges can vary greatly. That’s why we offer a diverse range of financing strategies to help condominium corporations raise the necessary funds.

NEW LAW 16:

(more explanation here)

Did you know that since December 2019, Bill 16 requires syndicates of co-ownership to carry out a study of the contingency fund?

OUR APPROACH TO CONTINGENCY FUND ANALYSIS

Our mission for the analysis of the contingency fund consists of several key phases:

1. Examination of condominium documents and identification of common areas;
2. On-site visual inspection, assessing the degradation of components, identifying urgent work to be carried out and their associated costs;
3. Assessing the existing contingency fund and creating a clear plan, covering the next 25 years, for major repairs and necessary replacements;
4. Assessing the current state of the contingency fund and suggesting different contribution scenarios for co-owners.

WHAT OUR FIRM WILL PROVIDE YOU WITH

• A visual inspection of the common areas of the building.
• An expert report in accordance with the new law, used to assess the condition of the assets and to establish intervention strategies aimed at developing an asset maintenance plan that is used to determine the appropriate amounts to be paid into the contingency fund. This plan covers a period of 25 years.
• A maintenance schedule that includes an inventory of the building’s components (common areas only) that indicates the operations carried out or to be carried out with regard to their maintenance or replacement.

WHAT YOU’LL RECEIVE FROM OUR TEAM

1. A visual inspection of the common areas of the building.
2. A professional report in accordance with current legislation, allowing the condition of the asset to be assessed and intervention strategies to be established. This report is used to establish an asset preservation plan that determines the appropriate amounts to be paid into the contingency fund. This plan covers a period of 25 years.
3. A maintenance program including an inventory of the building’s components (only the common areas), which specifies the operations carried out and to be planned, whether for their maintenance or replacement.

With Planibâtimat, you benefit from high-caliber professional services for your property management needs.

Our team is made up of certified technologists who are experts in the valuation of contingency funds, who adapt to the requirements of the new Bill 16.

We are committed to providing you with reliable services that comply with the latest standards, ensuring peace of mind in the management of your real estate assets.

THE CONTINGENCY FUNDS ACT:

… The law stipulates that all unions, without exception, must conduct an evaluation of their contingency fund and renew it every five years. This evaluation must be carried out exclusively by a member of a professional order, as designated by government regulation.

With regard to the maintenance logbook, the law specifies that “the board of directors must draw up a maintenance logbook for the building, which includes a record of the maintenance work carried out and to be carried out. This logbook should be kept up-to-date and reviewed periodically. The form, content, manner of keeping and revising it, as well as the persons authorized to set it up and revise it, are defined by the government regulation” (article 1070.2 C.C.Q.).

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