The QFREB in favour of a reform of co-ownership and improved regulation of building inspectors

L'ÎLE-DES-SOEURS, QC, June 13, 2018 /CNW Telbec/ - The Québec Federation of Real Estate Boards (QFREB) welcomes the tabling of Bill 401 by Lise Thériault, Minister responsible for Consumer Protection and for Housing, which primarily aims to improve the quality of buildings, the regulation of divided co-ownership and the operation of the Régie du logement

In addition to amending the Civil Code in regard to divided co-ownership, the bill will regulate the rights and powers of a syndicate of co-owners. In particular, it requires it 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. It also provides that a periodically updated maintenance log be kept for every immovable held in co-ownership and that the co-owners' annual contribution to the contingency fund be fixed in accordance with a study establishing the sums necessary for the fund to be sufficient to pay for major repairs and the replacement of common portions.

"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."

Bill 401 also grants 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."

We hope that the various political parties will be able to rally behind this bill, which is of paramount importance to homeowners and future buyers in Québec. 

About the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards (QFREB) is a non-profit organization representing the province's 12 real estate boards and their nearly 13,000-member real estate brokers. Its mission is to support Québec's real estate boards in order to defend, protect and promote the interests of real estate brokers through the provision of services in the areas of professional practices, public affairs and market analysis. The QFREB is guided by an approach centered on collaboration and resource sharing.

SOURCE Québec Federation of Real Estate Boards