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What is a deeded parking space?

Deeded parking refers to a parking space that comes with a legal deed, granting the owner exclusive ownership rights to that specific parking spot. This concept is commonly found in condominiums, apartment complexes, or mixed-use developments. Here’s how it generally works:

  1. Ownership: When you purchase a property that comes with deeded parking, you own the parking space outright, just as you do your home or condo unit. This means you have the legal right to use, rent, or sell the parking space independently of your residential unit.
  2. Deed and Title: The parking space is typically identified by a specific number or letter and is included in the property’s legal description. The ownership is recorded in the form of a deed, which is filed with the local government’s land records office. This deed provides clear evidence of your ownership.
  3. Condominium Documents: In a condominium setting, the parking space may be designated as a limited common element or a separately deeded unit. The condo association’s declaration and bylaws should clearly outline the rights and responsibilities related to the parking space.
  4. Maintenance and Fees: As the owner of a deeded parking space, you may be responsible for its maintenance and upkeep, depending on the terms of the condominium or homeowner association agreement. There may also be additional fees or assessments related to the parking space.
  5. Transferability: Since the parking space is deeded, you can sell or transfer it independently of your residential unit, subject to any restrictions in the condominium or homeowner association documents.
  6. Restrictions: There may be restrictions on the use of the parking space, such as limitations on the type of vehicles that can be parked or prohibitions on using the space for storage. These restrictions are usually outlined in the condo association’s rules and regulations.

Deeded parking can add value to a property, especially in urban areas where parking is scarce. It’s essential to review all relevant documents, such as the deed, condo association bylaws, and any applicable covenants, conditions, and restrictions (CC&Rs), to understand the rights and responsibilities associated with the parking space.

For further advice, ask reach out at https://www.bhhssnyder.com/contactus/

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