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Tuesday April 23, 2019

Condo Parking: What You Should Know

Authored by: Lauren M. Randall Posted in: Real Estate

When purchasing a condominium unit, there are two different ways that parking can be issued to owners: deeded and assigned.

In some instances, parking units are called deeded. This means that you own your individual parking unit. No one can take it from you or make you move to a different spot. You can also sell this unit, either with or separate from the unit you live in.  It is also possible to lease out your deeded parking unit. However, you should always review the condominium rules as some condominium corporations prevent someone who is not an owner in the building from owning or using a parking spot.

The most common type of parking is assigned.  In an assigned parking situation, the Board of Directors of the Condominium Corporation has control over who parks where.  The parking space you are assigned when you purchase may not always be yours for a variety of reasons.  The Board of Directors normally has total discretion to assign spaces as they deem appropriate.  The condominium declaration will indicate if there are certain parking spaces which must always be assigned to the owners of certain residential units, but this is not always the case.  It is important to consider if the prime parking space which is assigned to your unit is a must have in your purchase or something you are okay to live without.

For more information on condominiums, please contact Lauren Randall or any lawyer on our real estate team.

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