What are the obligations of a co-ownership?
Introduction
Managing a co-ownership involves a number of legal and administrative obligations to ensure the smooth running of the building and harmonious co-existence between co-owners. This page aims to detail the main obligations of a co-ownership, providing clear and precise information for managing agents, co-owners and future buyers.
1. Co-ownership regulations
The condominium bylaws are an essential legal document defining the rules governing the operation of a condominium. They specify the distribution of common and private areas, the rights and obligations of co-owners, and the management of the building.
Key obligations :
- Respecting the rules: All co-owners must respect the provisions of the by-laws.
- Updates: The by-laws must be updated in the event of major changes to the building or the rules of communal living.
2. Annual General Meeting
The general meeting of co-owners is the decision-making body of the condominium. It meets at least once a year to vote on budgets, works and other important decisions.
Key obligations :
- Convening: The managing agent must convene the general meeting within the legal timeframe.
- Quorum: Resolutions must be passed with the requisite quorum, which varies according to the nature of the resolutions.
3. Financial Management
The financial management of a condominium includes collecting charges, paying suppliers and keeping the accounts.
Key obligations :
- Provisional budget: prepared and approved annually by the Annual General Meeting.
- Separate bank accounts: A separate account must be opened in the name of the condominium corporation.
- Transparency: Accounts must be accessible and transparent to all co-owners.
4. Maintenance and Works
Co-owners are obliged to maintain the building in good condition, and to carry out any work required to ensure the safety and comfort of occupants.
Key obligations :
- Routine maintenance: Regular maintenance of common areas.
- Work approved by the general meeting: Major work must be approved by the general meeting.
- Mandatory inspections: Technical diagnostics and periodic inspections (elevators, asbestos, etc.).
5. Safety
Ensuring the safety of residents and visitors is a major obligation for any condominium.
Key obligations :
- Compliance with standards: Installations must comply with current safety standards.
- Evacuation plans: Implementation of evacuation plans and risk prevention measures.
6. Civil liability
Co-owners must take out civil liability insurance to cover any damage that may occur in the common areas.
Key obligations :
- Insurance: Civil liability insurance is compulsory.
- Reporting a claim: In the event of a claim, the property manager must report the incident to the insurer within the legal timeframe.
Conclusion
Managing a condominium is complex, and requires a thorough knowledge of the legal obligations. Compliance with these obligations is essential to ensure proper management of the building and prevent disputes between co-owners. If you have any questions or require assistance, please do not hesitate to contact our firm specializing in condominium law.
Contact us
For more information or personalized legal assistance, contact Lexelians. Our lawyers specializing in condominium law are at your disposal to advise and assist you in all your legal matters.
