Condo Parking Stalls & The Law in Alberta
Condominium parking stall lawyers help to ensure that you get good title to your condo parking stall. There are many issues that come up with respect to condominium parking stalls. It is important to note that all the issues that condominium parking stall lawyers with respect to condo parking stalls, also relate to condominium storage lockers. The lawyers at Kahane Law Office in Calgary, Alberta have exceptional experience with dealing with condominium parking stalls. The first issue with condominium parking stalls is how they are owned. Not all condominium parking stalls are owned with separate legal title.
Lawyers for When Selling Just Stalls or Stalls With Units
The information below relates to condominium parking stalls being sold on their own and parking stalls that come with a condo unit. Condominium parking stall lawyers work with you for as much of each stage as you need. Our Calgary condominium parking stall lawyers help with:
- Reviewing title to condominium parking stalls
- Drafting purchase or sale contracts for condo parking stalls
- Securing or discharging mortgages off condominium parking stalls
- Transferring title of condo parking stalls.
How Condominium Parking Stalls Are Owned / Allotted
Condominium parking stalls are allotted or owned in several ways. Depending on how they are owned, condominium real estate purchase contracts have to be drafted specifically to they type of ownership. Condominium buyers must also understand the type of ownership that they have of the condominium parking stall.
Condominium Titled Parking
Condominium titled parking gives actual legal ownership to the buyer. These titles condo parking stalls have their own legal description. Because these parking stalls have their own condo title, they also will have a separate tax account with the city or municipality. In cities such as Calgary, you can set up monthly payments for these condominium parking stalls. Separate legal condo titles can be for both underground or above ground parking. When buying a condominium it is important that the proper legal title is added to the condominium purchase contract. If you have any concerns, you should communicate with your condominium parking stall lawyer. If it is not in the contract, you may not get the parking stall.
Condo Assigned Parking
Some condominiums have assigned parking. This means that the condo board or condo management company assigns each parking stall to a particular owner. In some cases the same stall is always assigned to the same condominium unit. In other condominium buildings, when a property is sold, there is a reassignment of the parking stall. This most often happens when some condominium parking stalls are perceived as better than others. It should be noted that a condo board that has one of these two systems in place, may be able to change the system in the future. Your condominium parking stall lawyer can help you understand your assignment of parking stall better.
Condominium Leased Parking
In other condominium projects, condo parking stalls are leased to a particular unit. Unlike assigned parking stalls these leased condo parking stalls are leased via long term leases. this means that the same stall should always transfer with the same condo unit. On occasion, leased stalls are for general parking spots, not a specific stall. Your condominium parking stall lawyer can help understand this better.
Condo Rented Parking
Rented parking stalls are stalls that are assigned to a specific unit but they are paid for on a monthly basis. This rental rate is on top of regular condo fees. When a property is sold, these types of parking stalls may not continue with that unit. In many cases a rented condo parking stall is then offered to the next person on a wait list who wants an additional (or that) parking stall.
No Parking or No Assigned Parking
This is often considered the least desirable parking situations. Some condo projects have no parking at all and owners must rely on street parking. Alternatively, some condo projects have parking lot or parkade but parking is on “a first come first serve” basis. This is often the case if there are not enough parking stalls for each unit.
Condo Rules and Titled Parking Transfers or Sales
Each condo board has its own set of rules with respect to the condominium parking titles. Your condominium parking stall lawyer must check these rules before you sell your condo parking stall. In some condominiums, a parking stall cannot be sold separately form the titles condo unit. In some condominiums, it is OK as long as there is at least one parking stall with each unit. In still others, there is no restriction. Where the potential restrictions on transferring condo parking stalls are listed vary. The condominium bylaws may have these restrictions. In some cases, the restriction on parking stalls sales and transfers is listed on title itself as a restrictive covenant or a caveat.
Transfers / Sales of Condo Parking Stalls
If you are buying a condominium parking stall on its own (not as part of a purchase of a condo unit) you should retain a condominium parking stall lawyers. Both a buyer and a seller should have representation to ensure that the condominium parking stall is being transferred without debt and that payment is full is made. Most important, a parking stall buyer will want to make sure they get legal title registered in their name. Our condominium parking stall lawyers deal with condo parking stall issues on a regular basis. If you are transferring, selling or buying a condominium parking stall, call today for help.
Condominium Parking Stall Lawyers in Calgary
The condominium parking stall lawyers at Kahane Law Office in Calgary can help with condo parking stall transactions. Affordable low flat rates and exceptional service. CONNECT NOW. Our condominium parking stall lawyers can be reached toll-free at 1-877-225-8817 (or 403-225-8810 locally in Calgary, Alberta), or email us directly here.