A condo owner had vacated his unit a few months before deciding to sell it. He returned to make some arrangements before putting it up for sale and as he pulled into the parkade, he saw that all the stalls had been repainted & renumbered. He then discovered that one of his two underground parking stalls had been literally erased.
I don’t know whether he was later able to reclaim a second parking stall underground or even one outside – the reason being that the parking stalls in that particular condominium were assigned and not titled or leased.
This is important to know when considering a condo purchase. Here in Alberta, there are three ways of distributing exclusive use of parking to owners:
1) Assigned Parking: An assigned parking stall can be relocated by the Board of Directors whenever needed. Again, assignments are at the discretion of the board and can change at any time.
2) Titled Parking: You actually own the parking stall, it has its own title, and is issued separately from the residential unit. The parking unit is designated a legal unit number and a unit factor on the Condo Plan. In some cases, the parking unit will be shown on a Condominium Plan as part of the unit. When this happens, the Unit sizes are larger because the registered area of these Units include parking (See my blog article: Registered Size vs Total Living Area )
3) Leased Parking. There are two forms:
- Leased Parking-Delineated. If the Condo Plan shows areas of common property that can be leased, (usually illustrated with dotted lines and identifying numbers) it can transfer with the sale of the Unit without the Condo Board needing to grant approval. This type of Leased Parking can be as valuable as a titled parking stall.
- Leased Parking-Not Delineated. If the Condo Plan only shows areas of common property and each parking stall cannot be identified, these types of leases are only valid while the owner holds ownership. When they sell the Unit, the lease to the parking space terminates. The new buyer would have to renegotiate the lease with the Condominium Corporation.
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Buying or selling a condo? Feel free to contact me.
Mike Fotiou, First Place Realty, is Certified Condominium Specialist