On December 11, 2019, a momentous step was taken to improve the regulation of building inspections and co-ownership in Quebec with the adoption of Bill 16. This legislation introduced a range of measures aimed at strengthening oversight, enhancing protection for buyers, and ensuring the proper functioning of businesses, syndicates, and municipalities involved in shared properties. In this article, we will provide an overview of the key changes brought about by Bill 16 and explain why working with Genispec can be beneficial for property owners and developers in Quebec.
How does Bill 16 protect buyers?
Bill 16 aims to safeguard buyers’ interests and protect their investments in condominiums. It introduces enhanced protection for deposits made by condominium buyers, reducing the risks associated with purchasing properties off-plan.
Additionally, Bill 16 imposes certain financial obligations on developers. In case of underestimation of the projected budget for construction, developers are now held accountable for covering the resulting shortfall. This measure encourages developers to conduct more accurate financial assessments and ensures that buyers are not burdened with unexpected expenses due to budgetary discrepancies.
How does Bill 16 strengthen co-ownership obligations?
Concerning co-ownership, the legislation made amendments to the Civil Code that imposed additional obligations on the syndicate of co-owners. To ensure proper building maintenance and funding for major repairs and replacements of common areas, co-owners are now required to maintain a building maintenance handbook. Additionally, a reserve fund study must be conducted to assess the sufficiency of funds for future expenses. The annual contributions of co-owners to the reserve fund are determined based on this study, thus ensuring financial preparedness for necessary maintenance work.
Bill 16 also addresses the need for transparency in co-ownership transactions. Syndicates of co-owners are now obligated to provide essential information to potential buyers, offering them greater clarity and confidence when making purchasing decisions.
How does Bill 16 empower the Régie du bâtiment du Québec?
Bill 16 granted new regulatory powers to the Régie du bâtiment du Québec (Quebec Building Board) to oversee building inspections and co-ownership matters. One significant addition was the authority to order the suspension of construction work if it is being carried out by unlicensed individuals or entities. This measure aims to uphold quality standards and protect consumers from potentially substandard construction practices.
Why work with Genispec as your partner in compliance?
In conclusion, Bill 16 represents a significant stride towards better protection for property buyers, improved construction quality, and the efficient functioning of businesses, syndicates, and municipalities involved in the building sector in Quebec.
If you are a property owner, developer, or part of a co-ownership syndicate in Quebec, it is essential to comply with the new regulations set forth by Bill 16. Partnering with Genispec can provide you with expert assistance in various aspects, including conducting a reserve fund study, developing a building maintenance handbook, or facilitating facade inspections.
As a leading engineering firm, Genispec is equipped with the expertise and experience to guide you through these changes, ensuring your compliance and the continued success of your projects. Take the necessary steps today to ensure a prosperous and secure future for your properties in Quebec.