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Deeded parking: ownership or exclusive rights?

Chicago, IL |
Filed under: Real estate

Is deeded parking in a condominium the sale of property and therefore ownership of land? Or is it the sale of the exclusive rights for usage? Or, yet again, can it be either, depending upon the association's preference? Thanks.

Attorney Answers 3

  1. Generally, a deeded parking space is a seperate piece of property you own.

    Disclaimer: This answer is provided as a public service and as a general response to a general question, it is not meant, and should not be relied upon as specific legal advice, nor does it create an attorney-client relationship.

  2. Condo parking is either a limited common element (but the owner has the exclusive right to use it) or deeded directly. I would say most are limited common element, rather than deeded. If the parking space is deeded, you will have a separate PIN number for it. If the parking space is limited common elements, you will not have a PIN.

  3. the association's preference does not determine whether a parking space is owned outright (deeded), or an exclusive right (limited common element) or owned by the association and assigned to unit owners.

    the Declaration of Condominium establishes how parking is owned.

    in almost all situations, the original developer of the condominium creates the Declaration (and makes the call on the parking)

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