Can I Sell My Parking Spot?
Buyers often ask us; “If we buy a condo with parking but don’t need it can I sell my parking spot?” Or sellers sometimes want to keep their parking space or sell it separately from their condo. The answer is typically no, but in some cases, you can.
First, let’s go over the 3 types of ownership that exists in the strata property; there is Strata Lot (SL), Limited Common Property (LCP), and Common Property (CP).
• Strata Lot: This is the portion of the building that you own and do not share with anyone else. Typically this is the space contained in the 4 walls of your condo and is usually measured to the mid point of the walls. It sometimes is extended to parking,
• Limited Common Property: This is property that the strata as a whole owns but the use is limited only to a specific Strata Lot. Balconies, parking, and storage lockers usually fall within this category.
• Common Property: This is property that the Strata owns as a whole and is shared amongst all of the units in the building. This includes hallways, lawns, gardens, and sometimes parking and storage.
Of these types of parking ownership, the only one that you can (but not always) sell separately is the Strata Lot. These usually come with a separate title from the condo. If you have Limited Common Property parking you can often rent it to other people in the building, depending on the bylaws, but are not able to sell without the vote of every owner in the building to amend the strata plan, which is next to impossible to get. Common Property parking is usually assigned by the strata for use by an owner. The use of this parking is usually governed in the bylaws.
There is an exception to Common Property parking in that a lot of new developments are now leasing the parking to a third party (created by the developer) and then leasing spaces to the owners on a long term basis, often 999 years. If this is the case the lease may be assigned, which in essence is a sale of the parking space. This scenario is becoming more common due to the ease of the developer to assign parking and the ability of the owner to sell their parking if they choose to without going through the same process as changing Limited Common Property or going through the expense of selling a Strata Lot titled parking space.
The good news is everything you need to know will be in the strata plan and the bylaws, you just need to know where to look. That’s why it’s important to contact a Condo Expert, so they can help you find the answers you are looking for. If you have any questions on this or other condo related matters feel free to get in touch.