Definition
Divided co-ownership is the legal regime governing condominiums in Quebec. Each owner holds a distinct title on their private unit (apartment, parking, storage locker) plus a share of the common areas (hallways, elevators, roof, foundations, pool).
Co-ownership is governed by the declaration of co-ownership, a registered legal document specifying rules, common charges, the condo association budget, and the contingency fund. Quebec's Law 16 (2020) strengthened association obligations: mandatory maintenance log, contingency fund study every 5 years, and mandatory minimum contribution to the fund.
For condo financing, lenders review the association's financial health: contingency fund adequacy, recent meeting minutes, special assessments or litigation. An underfunded association can block mortgage approval or reduce the maximum loan granted.