Contingency fund study and maintenance logbook

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1. PRE-RECEPTION OF COMMON PARTS

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This inspection is carried out jointly with the contractor and a union representative. It makes it possible to check the general condition of common areas for new buildings which are governed by the Regulations on the guarantee plan for new residential buildings. This inspection consists of a visual examination of the building based on a pre-established list of elements to check (provided by the guarantee plan administrator). Its purpose is to identify the work that remains to be completed, and the apparent defects and poor workmanship that must be corrected.

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Common areas are presumed to be the ground, courtyards, balconies, parks and gardens, access routes, staircases and elevators, passages and corridors, common service, parking and storage premises, cellars, the structural work of buildings, common equipment and appliances, such as central heating and air conditioning systems and pipes, including those which pass through private areas.

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2. GENERAL INSPECTION WITH BUILDING CONDITION REPORT

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The inspection carried out consists of non-invasively assessing the building. The report will be developed to help you estimate the costs of maintaining the building and a time horizon for this work. The building condition report is essential to help you plan your contingency fund.

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3.  CONTINGENCY FUND STUDIES

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The study of the contingency fund allows the creation of a short, medium and long term financing plan, so that repairs or replacement of common areas can be carried out. For this to be so, this study will specify what the union must collect, annually, so that the contingency fund is sufficient.

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The study includes:

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• Visual inspection of the major components of the building, in order to determine their physical condition and expected lifespan; 

• Planning over time for important work to be carried out;

• Evaluation of repair and replacement costs for common areas, based on their useful life;

• Analysis of different scenarios of financial contributions by co-owners, taking into account the inflation rate and the income generated by this fund;

• Report identifying the different components which were the subject of the contingency fund study, the estimated cost of the work and the necessary financial contributions, according to the scenario chosen.

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