Assigned vs. titled parking: why it matters if you’re buying or selling a condo
Assigned parking means that a specific stall or stalls are allocated for your use. Assignment is at the discretion of the Board of Directors and can be changed at any time.
Titled parking means you own the parking stall(s). Each stall has its own title registration and has a legal Unit Number and Unit Factor on the Condominium Plan.
Why it matters:
If your parking stalls are titled, they are yours. You can even sell or rent them (depending on your condo rules). When buying into a new condo project, your stall may not be included and you may have the option to buy one or more stalls separately. You should take this into consideration for resale purposes down the road… having one or more titled stalls (versus no parking) is not only convenient but will make your unit much more desirable to potential buyers in the future.
If your parking stalls are assigned, they could technically change at any time should the Board make a decision to do so. This doesn’t mean that they will change – but there is no guarantee.
Also, assigned stalls may not always transfer from a seller to a buyer in a real estate transaction. Assignment of the stalls could be at the discretion of the board after the unit is sold.
When buying or selling:
It’s possible for a condo unit to have both assigned and titled parking… so it’s important to know exactly what you are buying (or selling), where each stall is located on the property (actually visit it!), and if the stalls are titled or assigned by the Board. Never rely on the listing comments alone. Whether you’re buying or selling, confirm with your Realtor® if your parking is assigned or titled by checking the Condo Plan to see if each stall has a legal Unit Number and Unit Factor assigned to it and pulling title registrations to verify the true owner of each one. If the stalls are assigned, it’s a good idea to ask the Board if the assignment will transfer with the sale (or purchase) of the unit, and if not, verify the process for having a stall assigned.
Written by CIR REALTY