A proposal to reform divided co-ownership rights and powers; and to regulate building inspectors; has been welcomed by the Quebec Federation of Real Estate Boards.
Lise Thériault, the minister responsible for consumer protection and housing, has tabled Bill 401 which would require co-ownership syndicates to keep an up-to-date certificate attesting to the state of its finances and the condition of the immovable held in co-ownership as well as provide future buyers of a condominium with information concerning the immovable and the syndicate.
There would also be a requirement for a maintenance log to be kept and updated and for co-owners’ contributions to emergency funds to be fixed to over likely repairs.
"Minister Thériault was quick to take action and has truly listened to the concerns of real estate brokers," explains Patrick Juanéda, QFREB President. "Together with the members of the working group on co-ownership that include the QFREB, APCHQ, RGCQ, CORPIQ, OACIQ and IBC, the federation has called on the Government of Québec on numerous occasions over the past years to implement a reform of co-ownership."
Regulation of building inspectors
The Bill would also give the Régie du bâtiment du Québec new regulatory powers to regulate the exercise of building inspector functions and to require the purchaser of a building to have it inspected prior to purchase.
"The professional regulation of building inspectors is essential in maintaining consumer confidence in the real estate market and ensuring its growth," states Patrick Juanéda. "In their daily practice, real estate brokers note a lack of uniformity in the inspection process. This lack of professional regulation undermines sound consumer protection, whether buyers or sellers. However, before requiring mandatory inspections, we believe it is essential that inspectors first be properly regulated."