Prevent parking and storage space poaching
Parking or storage space mix ups can cause colossal problems after closing. When buyers find their parking space blocked with another car, the new homeowner can become unhinged at their realtor, title company and anyone close enough to hear the tires burn rubber. The example mentioned above is an actual case we encountered recently. The condo resident poaching the space said he had purchased the space from the previous owner. Purchasing of parking spaces is not allowed by the majority of condo/HOA associations, so this was unlikely. Documents could never be produced by the parking spot invader, but the new buyer couldn’t use his space for three months and was forced to park in the street as the issue was challenged with the condominium association.
What are the best ways to prevent parking /storage wars?
- The Condominium/Homeowner Association Addendum needs to specify parking /storage space number(s) location and to be initialed by buyers and sellers
- The Condominium Disclosure Statement signed by the seller has a section for the seller to provide the information on parking/storage.
- The Condo/HOA Estoppel that is completed by the Association will state the parking /storage numbers
- Make sure the title company prepares an Assignment of Parking /Storage Space document to be signed at closing by the buyers and sellers. Though many condos/HOA(s) do not allow this document to be recorded, this document assures a meeting of the minds at closing about where cars (and stuff) will be parked in the future
Here are some samples of the above documents:
Condominium /Homeowner Association Addendum FAR CRSP13
Condominium Disclosure Statement by FAR CRSP13
Condo/HOA Estoppel Sample
Assignment of Parking /Storage Space Sample
For a complimentary, no obligation review of your contract, please contact us at [email protected] or call 305-271-0100×701.