General meeting minutes: know how to read them
When buying an apartment or more generally a property for residential use in a condominium, it is important to find out about it. In fact, the condominium is responsible for the management and proper maintenance of the building in which the apartment you are interested in is located.
Minutes of the general meeting of co-ownership
AG minutes report on condominium meetings and decisions that have been taken or not taken for the proper maintenance of the building. In this regard, they are precious witnesses and provide important information on the life of the building. There are ordinary meetings that take place every year and extraordinary meetings that, at the request of one or more co-owners, can take place at any time. The latter are convened to manage items that cannot wait for the next ordinary GA meeting.
Before signing the preliminary sales contract, ask for ordinary and extraordinary AG minutes for the last three years.
General meeting minutes: reading and understanding them
AG minutes generally have a summary that includes the topics on the agenda. The first point that should arouse your attention: the approval of last year's accounts (called fiscal year). Then comes the approval of the provisional budget for the years to come. Do the co-owners approve of the way in which the trustee managed the money in the condominium? How does he see the management of the years to come?
It is important for a future buyer to check that there are not too many differences within the condominium.
Without an agreement, it could be difficult to approve work and to properly preserve the building. It is essential to understand that a building requires regular maintenance. When the necessary work is not undertaken, the building deteriorates and the bill in the future will prove to be much heavier.
The work of the condominium
They appear in the second part of AG's minutes. Are they voted on a regular basis, rejected, postponed? As indicated above, a healthy condominium maintains its building and regularly votes for work. If they are refused too often, this is a sign that should arouse your attention.
Expensive maintenance work
Rebuilding the roof of a building can be very expensive. Check that roof problems have not been mentioned in the PV. If this is the case, ask the trustee. The lifespan of a roof is estimated between 50 and 100 years. Renovation represents much lower construction costs than a roof, but expenses are nevertheless high. In Paris, the renovation of facades is mandatory every 10 years.
Watch for any mention of work affecting the structure of the building. These are problematic for several reasons: they can be expensive, but also cause difficulty in reselling a property. If structural problems are mentioned, ask the trustee, do not hesitate to consult your notary and if you know an architect, ask him for advice.
Defaulting co-owners
Sometimes a co-owner no longer pays his expenses. This can include the forced sale of the defaulting co-owner's apartment. This is a situation that needs to be looked at closely. This does not have too much consequence as long as the condominium's ability to maintain the building is not endangered.
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