Following the recent adoption of Bill 31 proposal, the legislator is making important and significant modifications to the provisions of the Civil Code, all subject to the upcoming entry into force of the implementing regulations.
The board of directors has a building maintenance log drawn up, which describes in particular the maintenance carried out and to be carried out. The board keeps this log up to date and has it revised periodically.
The form, content, and terms of keeping and reviewing the building maintenance log, as well as the people who can establish and review it, are determined by government regulation. The standards provided for in the regulations may vary depending on the characteristics of the building. By this new amendment, the regulation will establish the parameters of the building maintenance log, but according to the characteristics of the building.
The board of directors obtains a study of the contingency fund establishing the sums necessary for this fund to be sufficient to cover the estimated cost of major repairs and replacement of common areas. This study is carried out in accordance with the standards established by a government regulation, which designates in particular the professional orders whose members are authorized to carry out these studies and determine how often a new study must be obtained by the board of directors. These standards may vary depending on the characteristics of a building.
As for the contingency fund, the regulation will determine the standards according to which the study is carried out, and which will designate the professional orders whose members are authorized to carry out this study, it will also have to determine how often a new study must be obtained , which will no longer necessarily be 5 years, and may vary depending on the characteristics of the building.
In conclusion, upon reading the new amendments, we believe that the legislator will surely make an important distinction between small and large co-ownerships with regard to their respective obligations linked to the contingency fund and the building maintenance log. This distinction, we hope, will be better adapted to the needs, to the reality of each co-ownership building.