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In recent years, condo owners in Quebec are more likely to neglect the maintenance of their property. The scale is such that banks and insurance unions property managers may need to apply strict measures to counter it.
The warning of a specialist in condominium lawYves Joli Heart, a senior partner De Grandpre Pretty Heart, tried to raise awareness on the problem of co-owners. According to him, if the situation remains unchanged, the board of Quebec could enforce the law passed in late 2010 and 122 require unions to develop a complete status report for each condominium. Where notice of a significant impairment, the owner will be forced to undertake rehabilitation works as soon as possible. If he refuses to comply with this formality, the insurer would be entitled to withdraw or modify its guarantee contract residential or revise up his bonus for participation.
notice of an expert in insuranceHélène Lamontagne, a part of the Insurance Bureau of Canada, criticism of his side’s mentality of “tenant” co-owners. She warned that if they continue on this path, they will struggle to sell their property, poorly maintained and aging on the market. To counteract this behavior and the resulting financial problems, she claims the State’s introduction of a law requirement to monitor and maintain the long-term condos by owners , without which they will be penalized by their bank or insurance.
Source: Canoe money
