I have a condo unit which has a parking space, and I am thinking of selling the unit but keeping the parking space. Is that something I can do?

In a condominium the property is divided into the unit and the common areas. The unit is owned by you but the common areas are owned by all of the unit owners of the building. If you have a parking space, that is generally a right that goes along with the unit. Sometimes parking spaces are in fact separate units. What you will need to do is look at your condominium documents to determine whether or not your right to use the parking space is a separate unit or a limited common area for your exclusive use as the owner of your unit. If it is an exclusive use you cannot sell your unit without selling the parking space along with it. You will need to review your condominium documents to make that determination. If you want to keep the parking space you will either have to amend the condominium documents which generally requires the consent of all of the unit owners because you would have to assign a portion of the common area percentages to that parking unit and the amendment will usually require the consent of at least 51% of the first mortgage holders in the building. As an alternative, you could sell the unit with the parking space with an agreement to lease back the parking space for some nominal amount over a period of years. That would not require an amendment to the condominium documents unless there was a specific prohibition against leasing the space to a third party. It would probably be a good idea for you to poll the other unit owners informally to determine whether or not they would have an objection to your doing that before you put the unit on the market having that objective in mind.

 

If you have questions about this or any other legal matter, please contact Tom Bennett at (617) 531-6574 or tvb@barronstad.com.