You may only think that you’ve bought a parking spot with your condo

Believe it or not there are many different kinds of parking spots and sometimes the current owner may have a parking spot, but you won’t if you buy their condo.

The most common type of parking spot on a listing is an owned parking spot.  Lately even these have become a little problematic because they may be located in an adjoining parking garage in another Condo Corp.  If this is the case, your lawyer should give you his/her opinion on both Status Reports…

The other issue with owned parking spots is when a seller believes that they own their spot and they don’t.  I’ve come across this one in “older” condos where the current owner has the “Exclusive right to use” a certain spot, but doesn’t actually own it.  This could be an issue because there may be restrictions on renting the spot, and they certainly can’t sell it.  It may also come into play when evaluating the value of the condo because owned spots are worth more.

The third type of parking issue comes up when the current owner has a parking spot, but it’s not transferred to the new buyer.  In some cases there are waiting lists for parking spots, and although the current owner has a spot, the new buyer might have to wait for one to become available.

The last type of parking spot is the common parking area for the building.  In this type of arrangement there are not assigned or owned spots, it’s strictly first come first served.  I’ve seen this a number of time in Hard loft conversions…

This article wouldn’t be complete unless I mentioned the condos that don’t have parking.  Yup, they exist in Toronto.  There’s at least one condo downtown that has no parking, and a few others that only allow the purchasers of suites of a certain size buy parking spots.  Times certainly have changed!

If you’re thinking of buying or selling Toronto Real Estate, just pick up the phone and call me at 416-671-5775!


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