Understanding Owned vs Exclusive Use Parking

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When you're dealing with a condominium unit that includes a parking space, it can be either "owned" or "exclusive use".

Here’s a breakdown of the differences:

Owned Parking Space

Owned parking spaces have their own deed. These spaces are considered separate units within the condominium property and have their own legal titles.

Rights: Owned parking spaces come with more rights. Including the right to use, sell, or lease the parking space independently of the condominium unit - subject to any restrictions in the condominium governing documents.

Documentation: Ownership of the parking space is evidenced by a separate deed, similar to the residential unit, and is recorded in the land registry.

Exclusive Use Parking Space

In contrast, Exclusive use parking spaces are designated areas in the condominium property that are assigned to specific unit owners for their use. Actual ownership of the parking space remains with the condominium corporation.

Rights: The unit owner has the right to use the parking space exclusively but does not own it. The condominium corporation retains ownership and may set rules and regulations regarding its use and ability to transfer or lease.

Documentation: The allocation of exclusive use parking spaces is often outlined in the condominium's declaration - with rules or bylaws that may govern.

Differences

• Ownership: Owned spaces are owned by the unit owner; Exclusive Use spaces are owned by the condominium corporation.
• Transferability: Owned spaces can be independently sold or transferred; Exclusive use spaces are tied to the unit and typically cannot be transferred.
• Risks: Exclusive Use Parking is allocated by the Declaration. A condominium can amend their declaration with 90% consent from owners.

Understanding these differences is important on both the buying and selling end when considering rights, responsibilities, and the potential impact on the value and usability of condominium property.