The law of June 30, 2022 amends the law of May 16, 1975 on the status of co-ownership of built-up properties to introduce a works fund ("the law").
Under this law, from August 1, 2023, a works fund will be mandatory for co-ownerships of built-up properties to promote building renovation and maintenance, as well as the energy transition through the installation of renewable energy production and storage elements. All co-ownerships are concerned, whether new or existing.
In practical terms, each co-owner will now be required to pay an annual contribution, the amount of which will be determined by the general assembly of co-owners.
A minimum amount per square meter is set, depending on the energy quality of the building. The assets of the works fund do not form part of the invested capital within the meaning of the amended law on residential leases.
This contribution will be definitively acquired by the syndicate of co-owners, and will not be refunded in the event of sale of the lot.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.