Home Buying in 33160>Question Details

Vinka31, Home Buyer in 33160

Is it possible to sell a limited common element in condominium such as parking lot or storage bin?Can?

Asked by Vinka31, 33160 Wed Jul 9, 2008

association refuse to assign parking space and storage bin to a new owner since it was already sold by the previous owner to a third party?

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6
To my knowledge, the common areas belong to multiple parties - so cannot be "sold" by one individual.
1 vote Thank Flag Link Wed Jul 9, 2008
If the property is deeded, not assign then it's possible.
LEO MEYERKOV
Realtor NAR, SFR
CHARLES RUTENBERG REALTY LLC
Direct: 305-842-4500 Fax: 866-240-6244
Email: lmeyerkov@gmail.com
http://www.yourbestmiamihome.com
0 votes Thank Flag Link Sat Feb 21, 2015
It is possible to sell a limited common element as long as it is properly deeded to the owner. In many condominiums; the common elements are "assigned" to certain units and not part of the deeded elements; both common an exclusive.

Everyassociation has thier own regulations regarding the transfer of common elements- best to review the condominiun documents and revisions.
0 votes Thank Flag Link Sun Oct 5, 2008
Another issue, on top of the ones already stated. It also depends on if it was secured during the purchase of the property and it has its own, parcel ID, as it would technically be covered by your mortgage and you would need a release from them to sell any part of the property, including parking spots, storage areas, boat docks, etc. The best bet is to rent it out, and keep the income every month. Good Luck
0 votes Thank Flag Link Wed Jul 9, 2008
Check the deed restrictions http://www.lynn911.com
0 votes Thank Flag Link Wed Jul 9, 2008
Check with your condo documents, but I believe you can. In a condo I bought in Atlanta prior to moving to Fla. I sold the parking space as did many of the other owners. The space in Atlanta downtown location was work ten thousand dollars. We also could sell the storage bin space if we didn't want it. OR we could rent it out to others. Now that may be an option...rent the space, keep ownership. That way, as it increases in value, you can up the rent. But there again, have a legal document outlining the arrangements.

But don't guess at it, either turn the question over to an attorney or discuss with the manager of the complex....or read over your documents prior to making a mistake should they not permit such sales.
0 votes Thank Flag Link Wed Jul 9, 2008
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