03 / 26 / 2019
Guest post: Allocation of parking stalls and storage lockers, Bell Alliance Lawyers
The sale of condos oftentimes include parking stalls and storage lockers. To avoid unpleasant surprises, it is important to understand what you are buying in terms of how these features are allocated for your use. Part of your due diligence during subject removal or prior to submitting a subject-free offer, is to confirm the designation of any parking stalls and storage lockers.
In Vancouver, you will find parking stalls and storage lockers most often designated as common property or limited common property. These and the other main designations are outlined below.
Each owner has an equal stake in common property so you do not own a specific parking stall or storage locker. Instead, the Strata Corporation assigns the parking stall or storage locker for your use. Technically, under the legislation this is done on a yearly basis but, in practice, once assigned it is usually reassigned from owner to owner. While infrequent, the Strata Corporation can assign you a different parking stall and/or storage locker. In some instances the Strata Corporation may have a “waiting list” which allows an owner who does not have a parking stall or storage locker to have first choice when another owner sells.
Limited common property
As with common property, the Strata Corporation retains ownership of limited common property. The designations differ in that limited common property is assigned for the exclusive use of a particular strata lot (occasionally for more than one strata lot). As the parking stall and storage locker are allocated to the strata lot, when the condo is sold, the use of both transfer to you.
This is common in newer buildings. The developer will sell a parking stall or storage locker separately from the strata lot on a long-term lease and you will have exclusive use. The leases tend to be for 99 or 999 years. This structure provides the developer flexibility in assigning parking stalls and storage lockers. In the event of sale, the parking stall or storage locker is “assigned” to the new owner. At the end of the lease, the space may revert to common property of the strata.
Part of a strata lot
The parking stall or storage locker will be identified on the strata plan with the same lot number as that of the condo you are purchasing. In this case, both are specifically for your use.
Separate strata lot
While this is no longer allowed, in older buildings you may find parking stalls or storage lockers as a separate strata lot. On the strata plan, they will be shown with their own strata lot number. In such cases, you have exclusive use of the features.
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Title image: Automated parking valet at Jameson House. (Source: Bosa)