Becoming a condo owner is a dream come true for many people, and being a property co-owner is a choice solution for many homebuyers. However, while your new condo home offers many advantages, co-ownership is not always as simple as it looks!
First, the assembly of co-owners elects a board of directors, and this board is responsible for the proper functioning of the co-ownership syndicate, the care and maintenance of all the buildings and the enforcement of the by-laws designed to ensure that the co-owners can live together in peace. This can be a very interesting and dynamic task, but it often also requires much more time and energy than what the members of the board of directors initially envisaged.
Many boards of directors are now turning to a company providing management services for help in performing their many duties and assuming their responsibilities. Whether the need is administrative, financial or operational, the mission of Quanta’s team is to help the co-ownership syndicate and its board achieve a healthy and transparent management and to keep the board and the co-owners informed of their obligations, responsibilities and rights. We also superintend the proper growth and use of the reserve fund such that the syndicate is in the best possible position to assume the various financial obligations that will arise in the near or more distant future.
Quanta is a member of the Association des syndicats de copropriétaires du Québec* (ASCQ) and is accredited by the Corporation des Gestionnaires du Québec** (CORGEQ). This means that our team is fully prepared to help your board of directors and your co-owners direct the affairs of your syndicate in a healthy manner.
* Association of Syndicates of Co-owners of Québec
** Corporation of Managers of Québec
Our list of services
- Your general, special and annual meetings require considerable time in preparing for the meetings and producing the necessary documentation. We work closely with the board of directors in planning, preparing and holding the general meetings of the syndicate of co-owners.
- We prepare calls for tenders and the various contracts needed for renovation projects or repairs.
- We ensure the official register of the syndicate of co-owners is maintained on behalf of the board of directors.
- The ongoing management of the syndicate’s by-laws is an often very difficult task. Our role is to help the board of directors manage the by-laws properly and to ensure they are respected by all the co-owners.
- Our team is always available and easily reached if you need prompt answers to the many questions surrounding syndicates of co-owners, its by-laws, Québec’s laws and regulations, or any other administrative question.
- The Civil Code of Québec and the Declaration of Co-ownership impose many other tasks on boards of directors. We can provide the support needed for a board of directors to duly perform its many administrative duties.
- We responsibly manage your financial portfolio so that you can maximize the profits made from the syndicate’s assets while preserving the financial security and flexibility needed for ongoing operations.
- We do the bookkeeping for the accounts receivable, including the common expenses and the special contributions; we collect the amounts due and deposit the funds in the syndicate of co-owners’ bank accounts. Our rigorous tracking procedures enable us to identify overdue accounts so we can take the steps needed to recover outstanding sums. We also offer a pre-authorized debits service for paying common expenses in order to minimize operating costs and facilitate the collection of funds for the common expenses.
- As part of managing accounts payable, we ensure that bills are properly paid and entered in the accounting ledger using accounting software approved by the Ordre des comptables. All the relevant documentation is required before making a payment, and we require that the signature of at least one of the members of the board of directors be on each payment made on behalf of the syndicate of co-owners.
- We work with the board of directors to establish a realistic budget for future income and expenditures with due regard for scheduled building maintenance items on the horizon.
- We superintend the investment of the reserve and/or contingency fund to generate substantial contributions through interest income. These investments are important to grow your funds and keep co-owner contributions for the common expenses and special levies, if any, at a minimum.
- Each month we issue a set of financial reports for the board of directors including a report on the financial situation and cash flows and a comparative analysis relative to the budget and objectives. Bank reconciliations are produced monthly to ensure that our books match the balances in the bank accounts.
- We visually inspect and check the condition of buildings and premises and note the work that has to be done to maintain them. Where necessary, we engage professionals or experts in the various building trades to conduct thorough inspections and issue opinions with a view to ensuring the comfort and security of the residents.
- We prepare, negotiate and award annual or seasonal contracts for the various trades, such as building maintenance, landscaping, snow removal and so forth. Nous travaillons à la préparation, à la négociation et à l’octroi des contrats annuels ou saisonniers dans diverses sphères d’activité, telles que l’entretien de bâtiments, le terrassement, le déneigement ou autres domaines connexes.
- We plan, supervise and, in some cases, conduct quality controls of the work done by contractors.
- A Declaration of Co-ownership is a hefty legal document that sets out the rights and obligations of the co-owners and governs their actions and behaviour in a co-ownership context. Our role therefore is to understand, correctly interpret and apply the terms and conditions and to identify potential errors or omissions such that the board of directors and the co-owners can amend their declaration accordingly at a meeting of the co-owners.
- Even when all the necessary precautions have been taken, it can happen that a situation takes an unwanted turn. If the situation calls for it, we can assert your rights before the small claims courts or with the Régie du logement (Québec’s landlord and tenant Board).
- We provide an emergency service that enables the co-owners, residents and board of directors to contact us at anytime should a serious and unforeseeable situation arise. Over the years we have established ties with contractors in every building trade capable of responding promptly to an emergency.