What is a trust agreement?

The trust agreement will serve in the cases of partial or total destruction of the building. The syndicate of co-owners will have at first to decide whether it is appropriate to repair or reconstruct the building. If the decision taken is to repair or reconstruct, the insurer of the co-ownership will put at the disposal of the syndicate the product of the insurance, these sums can then be deposited in the trust account of an impartial third party who will monitor the execution of works and will pay as they go the contractors and the sub-contractors doing the works. The impartial third party can be a notary.