Parking and Condos

Sometimes real estate agents don’t know what it is they don’t know. Those who have never sold condos may not even realize they missed something important. Buyers should be doing their own due diligence. I once had an agent promise a buyer a parking space that frankly was not part of the purchase and the condominium documents specifically stated that there wasn’t a parking spot included.

A few years ago a parking space was sold that technically could not be sold with the unit. Occasionally when I go to sell a condo I find out that the owner does not own the parking space he or she is using because the deed was not transferred at the last sale. This can be repaired but it can also slow down the sale process.

Here are some of the parking possibilities for St. Paul condos:

1. A garage with an assigned parking space.

2. A garage with an assigned parking space and the space is deeded. Sometimes these spaces can be sold separately from the unit and other times they have to be sold with it.

3. There isn’t any parking.

4. There are X number of parking spaces and they are assigned on a first come first served basis. Owners with “seniority” get to choose the spot they want. Spaces may be reassigned when units change hands. In that case sometimes a parking space is included in with the purchase but it isn’t a particular space.

5. There are condo buildings with surface lots and no assigned parking but there are enough parking spaces.

6. There is on street parking only.

7. There is a parking lot but the spaces are leased by the month. They are especially allocated to residents of the building and sometimes there are not actually any spaces available for persons purchasing a condo. The space that the last owner of the condo used does not transfer to the new owner. He or she must acquire their own parking space.

8. There is a garage with valet parking only. Each unit owner is entitled to park one or more vehicles in the garage but there are no designated spaces.

Then of course there are heated garages and garages that are not heated and ramps that are attached to the building or sometimes across the street.

As an agent I ask a lot of questions about parking if I am putting a condo on the market. If I am working with a buyer I make sure that there is something in writing about parking. Usually we find it right in the condo documents that our Minnesota state laws require that buyers receive before the purchase is finalized. Buyers have 10 days to review the documents and can cancel the purchase with no penalty if  they don’t like the parking situation or anything else.

Buyers should never take what the listing agent or buyer’s agent says about parking as a contract.

Parked car
Parked car