NEW LAW 16:
Did you know that since December 2019, Law 16 requires co-ownership syndicates to carry out a study of the contingency fund?
Diligence Inspection is here to help. Our certified technologists offer pension fund audit services, recognized by the new Act 16.
Here is an excerpt from the RGCQ website concerning law 16.
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All unions, without exception, will be required to conduct a pension fund study and update it every five years. The study may only be conducted by a member of a professional body designated by government regulation.
Maintenance logbook
For the maintenance log, it is stated that "the board of directors shall have a building maintenance log drawn up, which describes in particular the maintenance carried out and to be carried out. It shall keep this log up to date and have it revised periodically. The form, content and procedures for keeping and revising the maintenance log, as well as the persons who may establish and revise it, are determined by government regulation" (article 1070.2 CcQ).
*Excerpt from the RGCQ website
STUDY OF PROVIDENT FUND
For a quote please contact us
(514) 607-0000
WHAT IS THE PROVIDENT FUND STUDY?
The contingency fund study is a mandatory step according to the law and essential to the sound management of a building held in co-ownership and its purpose is to estimate, in the short, medium and long term, the cost of work relating to major repairs and replacement of common areas. This contingency fund study establishes a projection of the sums to be paid by the co-owners over a 25-year horizon as common expenses necessary to allow the annual collection of the amounts of money required to be able to carry out work to replace the building components, when the time comes.
OUR PENSION FUND STUDY SERVICE
The provident fund study mandate includes the following steps:
Analysis of co-ownership documents and identification of common areas;
Visual inspection of the premises - assesses the state of wear of the components, identification of immediate work to be completed and costs;
Analysis of the contingency fund and development of a schedule detailing major repairs and replacements to be made for the next 25 years;
Analysis of the state of the contingency fund and proposal of co-owner contribution scenarios.
WHAT OUR FIRM WILL PROVIDE YOU:
A visual inspection of the common areas of the building.
An expert report compliant with the new law, used to assess the condition of the asset and establish intervention strategies aimed at developing an asset maintenance plan that serves to determine the appropriate amounts to be paid into the contingency fund. This plan covers a period of 25 years.
A maintenance schedule including an inventory of the components (common areas only) of the building which indicates the operations carried out or to be carried out, with regard to their maintenance or replacement.
