Condo parking, who’s stall is it anyway??
November 24th, 2008
Photo Courtesy of:someToast
You know how you feel when you score that perfect parking spot in front of the store or restaurant. Well for many condo buyers it is the same thing when they purchase a condo and the spot they get is right by the elevator, or the entrance etc.
Whatever the case is, it is a good idea to understand the relationship between your condo and the parking spot you have. In many cases the spots are assigned, and in other cases they are considered limited common property, and in some rare cases they are actually owned outright.
1. Assigned. This, this means they are officially linked to your unit. As such it could be changed at anytime. Having said that it is not that common for this to happen. In these cases you own the right to a parking stall ,or two etc. but not the right to a specific stall. This is probably the most common type of ownership.
2. Limited Common Property. This is again space that you do not officially own, but it is registered on the strata plan as space that is only for your use. Unlike assigned stalls, this would not change. This is also a fairly common type of ownership.
3. Owned. There a some cases where the parking stall is actually registered as a separate Strata lot that you own just like you unit. In these cases of course it will never change, and you could if fact sell it should you choose to.
So when you get that awesome spot, you must ask yourself, who’s stall is it anyway??
Always better to be informed.
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