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The importance of a reserve fund study
The reserve fund study, also known as an asset management plan, has become essential for condominium associations since the implementation of Bill 16 in January 2020. This study involves detailed assessments of a building's condition and the estimation of costs...
Condominium Reserve Fund Study: Understanding their Importance and Legal Obligations
At Genispec, we know how important it is to keep your building in top shape, which is why we want to talk to you about reserve fund studies. First things first: did you know that having a reserve fund or contingency fund is a legal obligation for condo buildings in...
A look back at the implementation of Facade Inspections
Bill 122 and Its Implications Following two incidents due to miscalculations in construction and poor building inspections which cost the lives of Montreal citizens, The Régie du bâtiment du Québec (RBQ) implemented Bill 122. According to the principles of the law,...
Have you started preparing for your mandatory Reserve Fund Study?
Bill 16 was created to preserve the integrity of condominiums in the long term and protect condo owners. In 2023, the provision regarding the execution of reserve fund studies is expected to be put into effect. This means that from the date of implementation of this...
Why choose Genispec to conduct a Reserve Fund Study required by Bill 16?
The reserve fund study, also known as a contingency fund, is a detailed report of all repairs required and planned within a given time period to keep your residence up to code. It must include the physical and functional integrity of all the elements of your building,...