Three Different Ways Parking Is Handled In A Condo Building
Three are three main ways that parking spaces are usually assigned in a condominium building. It's important to know which applies for a variety of reasons including transferability, ability to lease, and maintenance responsibility.
Parking is a general common element, and residents rent a space from the Association.
When parking spaces are a general common element, residents are assigned a parking space by the association in the parking lot, garage or other common area. This assignment may be on a first come, first served basis, by lottery system, or by unit, depending on the condo's bylaws or rules and regulations. Residents might pay a fee for the parking space, and whether or not they can sublease will be determined by the condo's rules and regulations.
Parking is a limited common element, and spaces are assigned to individual units.
When parking is a limited common element, each unit owner has exclusive use of one or more designated parking spaces within the association’s property. The declaration or an amendment to the declaration will assign a particular spot to a particular residential unit. From that time, the parking space attaches to the unit and will be transferred whenever the unit is sold. Unit owners may pay a fee to cover the maintenance of the parking space.
Parking spaces are separately deeded and taxed, and owned by unit owners.
When parking spaces are separately deeded, the parking spaces are owned by individual unit owners and not the association. Each space has its own legal designation and property tax bill. This setup requires additional taxes and condo assessments as it is considered a separate unit from the residential unit. The owner of a parking space can sell the space separate from the residential unit, though many associations restrict the ability to sell a parking unit to a person that does not also own a residential unit. Especially in smaller buildings, the parking unit owner may be responsible for the maintenance of the parking space.
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No matter which method of assigning parking spaces a condominium uses, it's important to understand how they are assigned and what rights you have when renting or owning a space in a condominium building.