In Alberta, the process of purchasing or leasing titled, assigned, or leased parking or storage works similarly to other jurisdictions. An individual or business interested in securing a designated parking space or storage unit can approach a property owner or management company to inquire about available options. If a space is available, the parties can enter into a title, assignment, or lease agreement, which outlines the terms of the arrangement.
The agreement typically includes details such as the length of the agreement, the cost of the space, and any rules or regulations that apply to the use of the space. The buyer or lessee is responsible for paying the agreed-upon fee for the use of the space, and must abide by the terms of the agreement.
In Alberta, title, assigned, and leased parking or storage arrangements are regulated by provincial and municipal.
Titled Parking: refers to a system where individuals or businesses can purchase the right to use a designated parking
space in a condominium building or other multi-unit complex. When a parking space is "titled," it means that the owner of the space holds a legal title or ownership interest in the space, similar to the way one might own a piece of real estate. This type of arrangement allows the owner to have exclusive use of the assigned space and to sell or transfer it to others if they so choose.
Titled parking in Alberta is regulated by the Alberta Condominium Property Act, which sets out the rights and obligations of condominium corporations, unit owners, and other stakeholders in a multi-unit complex. When purchasing a titled parking space, it is important to review the terms of the title and the condominium bylaws, as well as to seek the advice of a legal professional, to ensure a clear understanding of the rights and responsibilities involved.
Terms to consider is if considering Titled Parking:
- Designated a legal unit number on the condo plan.
- Issued separately from the residential unit.
- Taxed separately each tax year plus the unit. Same if there is a separate storage
- unit Titled.
- The lines are always shown as a solid line on the plan with measurements showing
- exactly the size the parking or storage is.
- The Condo Corp may restrict the sale of the titled lor (shown in the bylaws).
- Separate title registered. Same for Storage.
In Alberta, assigned parking refers to a system where a designated parking space in a condominium building or other multi-unit complex is assigned to a specific unit owner. When a parking space is "assigned," it means that the condominium corporation or property management has allocated the use of a particular parking space to a specific unit owner. This type of arrangement allows the unit owner to have exclusive use of the assigned space, but does not convey legal ownership or title to the space.
Assigned Parking: in Alberta is regulated by the Alberta Condominium Property Act, which sets out the rights and obligations of condominium corporations, unit owners, and other stakeholders in a multi-unit complex. When purchasing a condo in Alberta, it is important to review the terms of the assignment agreement and the condominium bylaws, as well as to seek the advice of a legal professional, to ensure a clear understanding of the rights and responsibilities involved in the use of an assigned parking space.
Terms to consider is if considering Assigned Parking:
Leased Parking - Delineated
- Delineated is shown as dotted lines on the Condo Plan. It is a common
- area that has been designated as parking and you will read P-1. P-2 etc....
- This form of leased parking comes with a lease the initial owner bought
- the property with. Typically it would be for 25 Years.
- These leases can transfer to the new owner. This would/should be in the
- bylaws.
- Best to get in writing how the lease will be handled from the
- Condominium Corporation.
- No Taxes specific to this parking stall each tax year.
Leased Parking - Not Delineated - Solid Line
- If the plan shows as below, the user of this stall only holds the right to use
- while they have ownership of their unit.
- The lease terminates upon the sale.
- Buyer needs to renegotiate the lease with the Condominium Corporation.
- No Taxes specific to this parking stall each tax year.
- Same if there is a separate storage unit assigned
Assigned Parking - If the area is open space, common area, then the
Condominium Corporation decides what parking stall gets assigned to the the owners or, or
they can decide to lease it to an owner.
- This is important because the space the seller or buyer believes they have, may
- not be the parking space they get when they move in.
- This space can also be relocated even while the owner is living there.
- No Taxes specific to this parking stall each tax year.
- Same if there is a separate storage unit assigned.
Reading through the condo plan should highlight which is applicable to the condo unit.