Do I own my condo parking space?
One of the most commonly asked questions by purchasers of a condominium unit is “Does my condominium unit have a parking space and will I own my condo parking space?”
To answer this question you need to look at the Condominium Corporation’s governing documents, specifically the Condominium Declaration, which will outline how parking is allocated.
The following points are some of the common ways that the Declarant/Developer will allocate parking in the Condominium Declaration:
1. TITLED PARKING UNITS
Titled Parking Units have their own separate legal title and are legally owned by the owner of the space, who will in most instances also own a dwelling unit in the condominium. This means that the owner of the parking unit can sell the parking space separately from the dwelling unit, subject to any restrictions in the condominium corporation’s governing documents. This also means that there is normally no specific allocation of parking spaces to each dwelling unit, as owners are often free to transfer their parking unit to another unit owner in the condominium.
2. EXCLUSIVE USE
Exclusive-use parking spaces do not have their own separate legal title, and are part of the common elements. These parking spaces may be specifically allocated to a particular unit in the Declaration, or they may in some cases be allocated by the Board. In many cases, a dwelling unit will have its own parking space allocated to it. Therefore, the unit owner using the space does not hold legal title to the space, but has the exclusive right to use it. The unit owner is free to use the parking space subject to any restrictions in the condominium corporation’s governing documents.
3. ASSIGNED PARKING
The third way condominium corporations handle parking is simply to assign common property parking space(s) to individual unit owners. This method has less certainty than titled parking units and exclusive use parking units.
If parking is a major factor in your decision to purchase a condominium unit, make sure to review the Condominium Declaration and other governing documents carefully to determine how parking is allocated in the particular Condominium Corporation.
If you have questions about purchasing a condominium unit or questions regarding parking spaces, contact the team at Brown Beattie O’Donovan LLP.