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Kempland, Other/Just Looking in Boston, MA

What is involved in purchasing a parking spot outright from a building owner? Legal paperwork? Pricing?

Asked by Kempland, Boston, MA Wed Jul 11, 2012

Any other relevant information would be appreciated

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Answers

6
Need more info on how the property is structured. Is it a separable deed, an assigned space? Right of use? Feel free to contact me for more info on how to look this info up online.
1 vote Thank Flag Link Thu Jul 12, 2012
Hi Kempland - There must be a separate deed, and as mentioned, treat it like a condo. There are likely to be maintenance fees / condo fees.
I am not a legal professional, but it is fair to assume it will be much like buying any real property for cash.
Pricing widely varies in Boston. You can find parking for sale listings on MLS or Craig's List. A parking space in Cleveland Circle which will rent for $150 will sell for about 17- 20K. In Back Bay can easily be triple that, about 75K for a garage space.
Look under condos in MLS, and under parking in Craig's list. Feel free to contact me with further questions. Good luck!
Ruth
1 vote Thank Flag Link Thu Jul 12, 2012
You need to have a real estate attorney, much the same as you would when you purchase a piece of land or a home, work through the deed transaction. If the building owner has a separate deed fpr the parking, the process is fairly straightforward, otherwise the seller will need an additional step, to separate the deed from another property it is recorded with, prior to selling it individually.
0 votes Thank Flag Link Sun Jul 15, 2012
thank you for your reply Zelda. It is much appreciated.
Flag Sun Jul 15, 2012
Kempland, If you are looking in the Beacon HIll/Back Bay area I can help you. Let me know. Best, Lisa.Macalaster@NEMoves.com
0 votes Thank Flag Link Sun Jul 15, 2012
Buying a parking space should be similar to buying a condo. Please make sure that you have adequate legal counsel before you proceed.
Many parking spaces are listed as either condos or land. This, as deeded properties.
Please visit our site for more info: http://BostonLuxuryResidential.com.
0 votes Thank Flag Link Wed Jul 11, 2012
Is it already a legal deeded parking spot.
0 votes Thank Flag Link Wed Jul 11, 2012
we are looking at both legally deeded and not legally deeded spots. What are the steps for each?
Flag Wed Jul 11, 2012
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