With the rise of condominium developments and corresponding ownership, many potential buyers ask the question “Does My Condo Include a Parking Space?”
Below are some of the ways that the Developer will allocate parking in the Condominium Declaration (Document that states what you can and cannot do in the condo and what you own):
1. Exclusive Use
The exclusive-use parking spaces are part of the common elements and do not have their own separate legal title. In many cases, a dwelling unit will have its own parking spaces allocated to it. These parking spaces may be allocated by the Board or may be allocated to particular unit as described in the Declaration. The unit owner using the space does not have legal title to the space; however, does have exclusive right to use it. Again, the unit owner may use the parking space freely, but is subject to any restrictions in the condominium corporation’s governing documents.
2. Titled Parking Units
Titled Parking Units offer their own separate legal title and are legally owned by the owner. This method of ownership allows the parking spaces to be sold separately from the dwelling unit. The sale of the parking unit is subject to any restrictions in the condominium corporation’s governing documents. When conducting the title search the lawyer can check to see whether the parking space is owned by the current condominium unit owner.
3. Assigned Parking
Condominium corporations may simply assign common property parking spaces to individual unit owners. This method does not allow for great certainty in ownership or control of parking spaces as the ledger may not be kept up to date and the responsibility to control its use rests with the condo corporation.
When deciding on purchasing a condominium unit be sure to refer to the Condominium Declaration and other governing documents to determine how parking is allocated. If you need to understand your options or need a real estate lawyer, please contact me at Lerners. I’m here to make your legal needs my priority.