Condominium Parking Spaces & Storage Units
Transferring A Primer On — By Jennifer L. Aspaas, Esq. of Strichartz Aspaas, PLLC — C
ondominium ownership often includes ownership of a parking space and a storage unit. At some point, an owner
or owners may want to transfer, exchange or sell parking or storage spaces (hereinafter “spaces”). The process by which spaces can be transferred or sold is dictated by the type of ownership of the space as well as the provisions in the governing documents of the condominium association (hereinafter “association”).
Each type provides different rights to the unit owner.
Types Of Ownership And Assignment
There are three types of ownership of parking spaces: assigned parking spaces, limited common element spaces and deeded parking spaces. Though storage spaces can be deeded, they are generally either limited common element spaces or assigned storage spaces. Each type provides different rights to the unit owner. How spaces are assigned to a unit dictates whether a space follows a unit with subsequent conveyances.
Deeded Parking and Storage Space
“Deeded space” has its own unit property identification number with its own legal description and a percentage of ownership in the association. Deeded space is not necessarily tied to a specific unit and therefore, the owner may sell the space independent of the unit. Deeded space can typically be transferred freely, subject to the condominium’s declaration, bylaws and rules and regulations (hereinafter collectively referred to as “governing documents”).
Deeded space is not tied to a specific unit and therefore, the owner may sell the space independent of the unit.
Deeded spaces must be transferred through a conveyance deed such as a Statutory Warranty Deed or Quit Claim Deed (hereinafter “deed”). The deed must be recorded in the public records of the county in which the association is located. The parties involved in the sale or transfer should consider obtaining title insurance to ensure clear title to the deeded space.
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