Introduction
When it comes to condo living in Alberta, parking and storage can be crucial factors in your decision-making process. Whether you're buying a new condo or already own one, understanding the different types of parking and storage options and how to check what's included in your purchase is essential. In this guide, we'll explore the nuances of condo parking and storage, including titled, assigned, non-titled, and other options.
Types of Condo Parking in Alberta
Titled Parking
Titled parking means that you own the parking stall, just like you own your condo unit. Each stall has its own title registration and a legal unit number on the condominium plan. This type of parking is stable and cannot be reassigned by the condo board.
Assigned Parking
Assigned parking means that a specific stall is allocated to you by the condo board. However, this assignment can be changed at any time by the board. While it provides convenience, it lacks the security of titled parking.
Non-Titled Parking
Non-titled parking refers to parking stalls that are not individually owned. These stalls are part of the common property and are managed by the condo board. They can be assigned or unassigned, depending on the condo's policies.
Other Parking Options
Some condos offer additional parking options, such as visitor parking, underground parking, and reserved parking for specific units. These options can vary widely depending on the condo complex and its amenities.
Types of Condo Storage in Alberta
Titled Storage
Titled storage units are individually owned and have a separate title registration. These units are generally more secure, as they cannot be reassigned by the condo board.
Assigned Storage
Assigned storage units are allocated to specific condo owners by the condo board. These assignments can be changed, so it's essential to verify if the assignment will transfer with the sale of the unit.
Non-Titled Storage
Non-titled storage units are part of the common property and managed by the condo board. Availability and assignment policies can vary, so it's important to check with the condo board about specific arrangements.
Other Storage Options
Some condos provide additional storage options, such as bike storage rooms, seasonal storage areas, and lockers for smaller items. These facilities may have specific usage policies and availability.
How to Check What Kind of Parking and Storage is Included in Your Condo Purchase
Review the Condo Plan: The condo plan, available from the land titles office, will show the layout of parking and storage areas and indicate whether they are titled or assigned.
Check the Land Title: Pull the land title for the parking stall or storage unit using the tax information provided by the seller. Verify that the owner's name matches the title for that stall or unit.
Visit the Spaces: Physically visit the parking and storage spaces to confirm their locations and ensure they match the survey plan.
Consult the Condo Board: Ask the condo board if the parking or storage assignments will transfer with the sale of the unit. This is especially important for assigned spaces.
Review the Purchase Contract: Carefully review the purchase contract to ensure that the parking stall and storage unit are included in the legal description of the property.
Best Practices for Managing Condo Parking and Storage
Understand Your Rights: Know the difference between titled and assigned parking and storage and how it affects your ownership and rights.
Stay Informed: Keep up with any changes or updates from the condo board regarding parking and storage policies and assignments.
Communicate with Neighbors: Build good relationships with your neighbors to ensure smooth parking and storage arrangements and avoid conflicts.
Consider Future Needs: Think about your future parking and storage needs, especially if you plan to buy or rent additional vehicles or acquire more items that require storage.
Conclusion
Understanding the different types of condo parking and storage in Alberta and how to check what's included in your purchase is crucial for making informed decisions. By following the steps outlined in this guide, you can ensure that you have the parking and storage arrangements that best suit your needs and provide peace of mind.
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Disclaimer:
The information provided in this blog is for general informational purposes only and should not be considered legal, financial, tax, or investment advice. While we strive to ensure accuracy, real estate laws, market conditions, and regulations change frequently. Readers are encouraged to conduct their own research and consult with qualified professionals such as real estate attorneys, financial advisors, mortgage brokers, or tax experts before making any decisions related to buying, selling, or investing in real estate. We do not assume any liability for actions taken based on the information provided in this blog.