Condo Parking Facts - PowerPoint PPT Presentation

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Condo Parking Facts

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  1. Condo Parking Facts

  2. Many condo buyers think that once you own a condo unit, you also automatically own the parking space, without reviewing the terms and conditions.

  3. Although most condominiums give an entitlement to one parking space for each unit, some of those come with an additional fee. Other spaces are sold individually on a first come, first serve basis.

  4. Parking spaces are commonly considered as an exclusive amenity. However, some condo administrations consider parking spaces as different entity from the amenities proper. They thus charge extra fee for whoever want to avail regardless if he is a tenant or not.

  5. In other times, parking spaces are sold separately from the condo unit. This means that “the title holder has absolute and complete ownership, including the right to sell, convey, or encumber the parking or garage space separate from the living unit itself.

  6. In some cases, parking and garage spaces are treated as common elements assigned by the declarant for use by a particular unit owner where no deed transfers are necessary”, as per Declaration of Convents, Conditions and Restriction or Condominium Declaration.

  7. Indeed, regulations of parking space ownership are different on different condominium administrations. Yet, it is important for owners to know the basic guidelines in their parking spaces.

  8. The Peterson Group Bespoke Condominium and Residences, expert in providing expatriates luxury homes and residential in Singapore, Hong Kong, Jakarta, Indonesia and Kuala Lumpur, Malaysia, defines parking spaces as free parcels, easement parcels, exclusive easement parcels and the right to use the areas.

  9. The company may address general, limited and special rights, maintenance, and other related matters. All of these factors affect the insurability of your parking space. Exclusive rights declaration does not automatically mean you have the rights to sell your parking space.

  10. There are contracts where it is stipulated that “… no part of the appurtenant interests of any unit may be sold, transferred or otherwise disposed of except as part of a sale, transfer or other disposition of the unit to which such interests are appurtenant”.

  11. No matter how small the space we’re talking about, a parking spot is a huge concern for condo buyers and renters. It is often the basis for disagreements, rants, and complaints.

  12. If you own a car, it is best to know all your options before deciding. Talk to the administration or your realtor before plunging into any decision. It is best to review your developer’s parking rules as a way to avoid nightmares in your condo property.