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By Gary M. Singer<\/div><\/div>\n

One condo owner offered to buy an additional parking spot from their neighbor who had two spots. Is that legal? And if so, is it smart?<\/p>\n<\/div>\n

FORT LAUDERDALE, Fla. \u2013 Question<\/strong>: I live in a condominium where every apartment has two assigned parking spots. Since it is just me, one of my neighbors asked me if I would sell him one of my spots. Since I am not using it and times are tight, the extra money would help. Am I allowed to do this? \u2013 Ted<\/span><\/span><\/p>\n

Answer<\/strong>: To get to the bottom of this, you must answer two questions: Can you sell one of your parking spots, and should you do so?<\/span><\/span><\/p>\n

While getting some extra funds is always helpful, selling one of your spots will have ramifications. First off, if you ever need another spot, you may not be able to get one \u2013 and even if you can, its price may be higher than what you sold it for.<\/span><\/span><\/p>\n

Perhaps more importantly, selling your parking spot will decrease your apartment\u2019s value, costing you money when it comes time to sell it. An apartment with only one parking spot is worth less than a similar one with two spots.<\/span><\/span><\/p>\n

Condo parking spots are generally dealt with in three ways. Some are set up so that each space is owned outright, usually by a unit owner. These spots are generally deeded, and their owner pays property taxes on the space. Others are owned by the association but permanently assigned to a unit as a \u201climited common element.\u201d Finally, some associations have all the units share the group of spots, leaving owners to park wherever available.<\/span><\/span><\/p>\n

Regardless of whether your spot is owned or just assigned to you, you will need to check your association\u2019s rules to see if it can be transferred.<\/span><\/span><\/p>\n

Even if the rules allow it to be transferred, there may be other restrictions. Some associations will only allow the space to be transferred to another unit owner and might even require each unit to maintain a minimum number of spots.<\/span><\/span><\/p>\n

If your association allows the transfer and you decide to sell it, make sure to follow the correct procedure to do so to avoid potential problems later.<\/span><\/span><\/p>\n

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\nAuthor: izaakh<\/p>\n","protected":false},"excerpt":{"rendered":"
By Gary M. Singer One condo owner offered to buy an additional parking spot from their neighbor who had two spots. Is that legal? And if so, is it smart? FORT LAUDERDALE, Fla. \u2013 Question: I live in a condominium where every apartment has two assigned parking spots. Since it is just me, one of my neighbors asked me if I would sell him one of my spots. Since I am not using it and times are tight, the extra money would help. Am I allowed to do this? \u2013 Ted Answer: To get to the bottom of this, you must answer two questions: Can you sell one of your parking spots, and should you do so? While getting some extra funds is always helpful, selling one of your spots will have ramifications. First off, if you ever need another spot, you may not be able to get one \u2013 and even if you can, its price may be higher than what you sold it for. Perhaps more importantly, selling your parking spot will decrease your apartment\u2019s value, costing you money when it comes time to sell it. An apartment with only one parking spot is worth less than a similar one with two spots. Condo parking spots are generally dealt with in three ways. Some are set up so that each space is owned outright, usually by a unit owner. These spots are generally deeded, and their owner pays property taxes on the space. Others are owned by the association but permanently assigned to a unit as a \u201climited common element.\u201d Finally, some associations have all the units share the group of spots, leaving owners to park wherever available. Regardless of whether your spot is owned or just assigned to you, you will need to check your association\u2019s rules to see if it can be transferred. Even if the rules allow it to be transferred, there may be other restrictions. Some associations will only allow the space to be transferred to another unit owner and might even require each unit to maintain a minimum number of spots. If your association allows the transfer and you decide to sell it, make sure to follow the correct procedure to do so to avoid potential problems later. Copyright \u00a9 South Florida Sun Sentinel, Gary M. Singer. All rights reserved. \u2715 ADVERTISEMENT Go to Source Author: izaakh<\/p>\n","protected":false},"author":4,"featured_media":8918,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/8917"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=8917"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/8917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/8918"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=8917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=8917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=8917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}