The Content Of The Article:

In co-ownership, all the owners must participate in the payment of the work of this one. However, not all of them necessarily have the means to honor, in the more or less short term, the financial part of the work which falls to them. What are the different possible collective financing solutions? Response elements.

Reminder of the principle of financing condominium works

As for the current expenses, the expenses of works are distributed between each of the co-owners according to their share, and the nature of the work to realize. Indeed, for the installation of an elevator for example, only the co-owners of the property for which the equipment has a character of utility are called to participate in the various financing which it induces.

The provision works for the collective financing of the works in co-ownership

The works provision remains the best solution for the collective financing of the works in co-ownership. It is also introduced by the Alur Law for access to housing and renovated urban planning, which makes it mandatory from 1 January 2017.
This provision is intended to constitute an envelope in anticipation, which makes it possible to dispose of the funds before starting the work, and to cope with emergencies without having to "put the beak in the water" to certain co-owners who would not unable to advance immediately considerable sums.
Each co-owner is thus required to pay a certain amount every month, or once a year depending on the operation of the condominium.

Loans for collective financing of condominium works

Without this provision, and not having to launch exceptional calls for funds on the go, that is to say for large sums to be paid in short time, co-owners can consider obtaining a group credit.
The group loan to individual membership or eco-condominium loan are indeed conceivable, where each co-borrower repays its share, by quarter and over several years. Resulting from a decision taken in General Assembly of co-ownership, this credit engages in addition only the co-owners wishing to benefit, some may decide to bring the funds by their own means.

Video Instruction: What is CONDOMINIUM? WHat does CONDOMINIUM mean? CONDOMINIUM meaning, definition & explanation