Buying Condominium Parking

Purchasing a Condo Parking Space

B.W. from Tennessee writes:

Dear Mister Condo,

I currently own two condos in Knoxville. The building is adjacent to a university and I purchased the condos for my kids to live in while in college. Each came with one deeded parking place. When the building was originally sold, buyers could choose to purchase an additional parking place. One owner who did so recently sold his unit and wants to sell his extra parking place. We have agreed on a price and I need to find a bill of sale. Also, I need to find out if there are any tax assessments on the parking spot. Any advice would be most appreciated. Thanks so much.

Mister Condo replies:

B.W., congrats on the kids heading off to college and congrats on the purchase of the two condo units. You would need to check with the local real estate records office to see what this unit owner actually owns before you negotiate a purchase price for the parking space. Generally speaking, if there are no improvements on the space (garage, carport) the parking space may be owned by the association and sold to the unit owner. Have there been any sales of such spaces since the original unit owners purchased? You might want to check with the Board or Property Management company to make sure these “parking space purchases” are transferrable or that the Board doesn’t have the right of first refusal on the sale. There should also be a title, and, just like any piece of real estate, a local land record can tell you more and you can likely check the tax status once you have the land record. Bottom line is to be careful. Just because someone sold you a bridge doesn’t mean you own the bridge! Good luck!

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