Condo Parking
When looking to purchase a condo one of things you will need to consider is parking. There are many different options that vary between condos – you will want to know if it is covered/uncovered, underground, leased, assigned, titled, powered, single/double/tandem etc….
Here are some things you may want to consider investigating before proceeding with a purchase:
Assigned parking – make sure to do your due diligence to ensure it is actually assigned at that it will be transferred to the new owner. It would be prudent to have the condo board write a letter confirming that it will in fact be transferred to you.
Titled parking – This is easy to confirm. Have your Realtor pull the title of the property. If it is titled it will be listed here. Also realize that you will most likely have to pay property taxes on the parking stall in addition to the condo unit
Leased – If leased, how much and for how long? Will you be able to renew the lease as a different owner?
Powered – check to see if there is a plug for your stall. Also ensure in the condo documents that you are not responsible for the energy fees for the plug (most often it comes from condo fees).
Condo plan – If the parking stall is legal and part of the property it must on the condo plan – which have to be provided as part of the condo documents package
Most importantly – when viewing the property try and find the stall/s in person so you can identify exactly where it is and what shape it is in.
