Condominium parking ownership typically falls within one of the following types: deeded space, limited common element or assigned parking. Each form presents different rights to the unit owner or members of the Homeowner’s Association (HOA), and particularly with regards to transferability.
Deeded Space:
A deeded space has its own unique Property Identification Number (PIN), with its own legal description and with a certain percentage of the Condominium Association ownership. The deed can typically be transferred freely, subject to certain condominium rules, and does not necessarily have to be tied to a specific condo unit. Therefore, a condominium owner with a deeded space may decide to sell the space. A deeded space affords the owner the greatest rights for any type of condo parking.
Limited Common Element:
Limited common element parking is similar to a deeded space in terms of ownership, but unlike a deeded space, it is tied to a specific unit and therefore can only be transferred with that unit. Limited common element parking will be either designated to specific units in the original condominium declaration and/or in the listed in the deed of the specific unit. Although transferability is limited, you may be able to lease out the space to other HOA members or third-parties, depending on the rules and regulations.
Assigned Space:
Assigned spaces are not owned by any specific unit owner, rather they are owned by the HOA. In essence they are similar to any other amenity owned by the HOA. They are typically assigned based on the bylaws and rules and regulations. The assignment of the space(s) may come with an additional fee and restrictions on subleasing the space. They are not transferable units of ownership, because they do not belong to any specific unit owner. Therefore, an assigned parking affords owners the least amount of rights.
If you are unsure as to the type of parking you own in your building the first place you should look is the Declaration and Bylaws. When purchasing a condo unit with parking, the contract should specify the type of parking included in the transaction. If you still don’t know you can contact a lawyer to assist.
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