CONTINGENCY FUND STUDY

CONTINGENCY FUND STUDY

CONTINGENCY FUND STUDY

CONTINGENCY FUND STUDY

CONTINGENCY FUND STUDY

CONTINGENCY FUND STUDY

The study of Planibâtimat contingency funds

CLICK HERE TO REQUEST A QUOTE

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 mismanagement

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 raise the sums of money needed annually to carry out the work to replace the elements of the building 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.

Our financing strategies include traditional financing options, such as bank loans, but we also go beyond that to explore innovative and creative avenues. Whether it’s through crowdfunding programs, strategic partnerships, or social impact investment opportunities, we’re committed to finding the solution that works best.

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.

NEW LAW 16:
(more explanation here)

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

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.).

For a quote,
CLICK HERE
to be redirected to our secure application form.

If you prefer to call us, please call 514-607-0000 or consult our other services of Facade Inspection, Building Condition Certification, Building Health Check, Project Management, Environmental Site Studies, Thermography, Photogrammetry, Water Infiltration Investigation, Air Infiltration Investigation

Consulting Engineering in the Maintenance of Real Estate Assets | Planibâtimat

A contingency fund is a financial entity specifically dedicated to major work and the replacement of common areas of a condominium building. Its purpose is to finance this work in the long term to spread the costs over an extended period of time.

The creation of a contingency fund is a legal obligation for condominiums to guard against collective mismanagement. This also ensures that major works and necessary replacements are carried out in the common areas.

The analysis of the contingency fund is essential to ensure the sound management of the condominium building. It makes it possible to estimate the costs of the work in the short, medium and long term, as well as to determine the necessary contributions of the co-owners for these expenses.

Planibâtimat offers a range of professional services for contingency fund analysis, including the review of condominium documents, an on-site visual inspection, the evaluation of the existing fund, the creation of a 25-year plan, and the suggestion of contribution scenarios for co-owners.

By law, all condominium associations must conduct an assessment of their contingency fund and renew it every five years. This evaluation must be carried out exclusively by a member of a professional order designated by government regulation.