Imposed by Bill 16, the establishment of a contingency fund has financial consequences for small condo buildings. These buildings make up more than 80% of the condominiums in Quebec. An online service aims to facilitate access to professional services to meet the legal requirements at a low cost.
This is the proposal of Hoodi Technologies, which has just launched the My Fund Study platform. This digital tool allows small divided condominiums of 10 units or less to get help in establishing a contingency fund.
"The study is done in an automated fashion using photos and documents added by the client in the app. Our professionals can then complete the information remotely and deliver the study to the client. The time savings allow for unparalleled affordability," says Julien Gobeil-Simard, president of the Quebec City-based company.
The latter recalls that Bill 16 introduces, among other things, the obligation for condominium corporations to have a contingency fund study conducted by a professional every five years. This provision is intended to counter the scourge of poorly maintained condominiums and the increase in insurance costs or repeated special contributions.
Source : Article by François Cattapan on the journalmetro.com on the 28 february of 2021
Link : https://journalmetro.com/inspiration/habitation-et-immobilier/2783479/fonds-de-prevoyance-hoodi/
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