Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In my condo complex the parking space is in the deed. When built 45 years ago the parking space went with the condo. I am on the board and if someone parks in someone’s space without permission they get towed. I would be surprised if the board was willing to get involved.
First off, not knowing at least the state the subject property is in, makes it unlikely we can provide anything more than pure speculation. State condo laws, and, to a lesser extent, the powers and duties of the condo Boards, do vary. We also do not know how large of a condo association this is...6 units total? 60? 600? more? This does affect the manner in which the Board operates, particularly with respect to how well they actually follow all applicable laws, rules, and their own Governing Documents.
In large part, the "listing" information, whether on a local MLS site, a handout from the Selling Agent, or other source has minimal legal effect. Specifically, all MLS sites, and most online sources of listings, state words to the effect of "all information is deemed reliable, but should be verified by potential Buyers".
It IS the Buyer and their team that is responsible for performing "Due Diligence" to review and verify all aspects, including the condo docs and association finances, property condition, value, inclusions and exclusions. The only info a Title company will pull from a listing generally, is the Tax Map Key or other State Property ID. They only look at recorded instruments that affect that parcel and report on their existence. The Buyer must determine if those findings are cause for cancellation or re-negotiation. It is also up to Buyer to have a survey performed to locate the boundaries of that parcel accurately; and to have a whole home inspection or termite inspection if they are inexperienced or have concerns.
Condo property descriptions are not typically very specific within the actual property deed. They usually refer to "address, unit 303, city, state", and refer to either a condo map recorded at a state office, or simply to the Association Declaration. The Declaration provides significant detail of exactly what elements the Owner actually owns, and what Common or Limited Common elements (parking is often a Limited Common element) the Association is responsible for. This varies from one project to another; you must have the Governing Docs for the specific project, WITH any addendums that have been recorded over the years since the project was developed.
Important facts: Parking stalls, carports, garages, and any other appurtenant structures can often be individually deeded with a specific unit OR they can be limited common elements, only granting use, not ownership. The Declaration will determine which. IF they are explicitly deeded, they generally can be sold independently, or with the specific unit IF, and ONLY IF, the Declaration and/or Bylaws allow it.
Your research needs to start with the Declaration, then, depending on what it states, I would be contacting the Listing Broker, as their E & O Insurance might cover some of the costs that will be involved in resolving this issue.
Based on the very limited info provided, I would be surprised if a Title policy would pay on this.
Every Condo Owner should have at least a passing understanding of their own Governing Documents, and know what sections to turn to for your questions. They are broken down into major sections (as is state Condo law) which will answer most questions. Never rely on the Association Managing Agent or Board Members for critical information. The Declaration primarily describes the physical elements of the Association and it's units, telling you specifically what you are responsible for as a unit Owner, and what you are required to provide access to others for making necessary repairs.
The By-Laws primarily describe the administrative details for the Association Board. Types and frequency of meetings, and how they are formatted; how voting is to be carried out and terms to be served; Directors powers and duties; budgeting constraints (if any) AND requirements; how to amend Declaration, By-laws, and House Rules; and Owner responsibilities.
If you own a condo or property in an HOA, I highly recommend checking for a local chapter of Community Association Institute, as they have great resources for Owners and Boards to learn how their HOA should be operating.
Did you sign a paper at closing that says something similar to this? I have received the documents, read the documents, understand them, and agree I am entering into a contract with the association.
I have a feeling that you are screwed. I hope I am wrong.
Actually, the assigned parking spots are commonly not listed in deeds.
Deeds are often not as detailed as some folks assume.
A friend of mine got an FHA loan for her condo and it required that the condo come with a dedicated parking spot, and that the spot be in the deed. It caused her some grief because the documentation on the parking spot was a little loosey goosey at that complex, but they made it happen to satisfy the FHA requirements.
A friend of mine got an FHA loan for her condo and it required that the condo come with a dedicated parking spot, and that the spot be in the deed. It caused her some grief because the documentation on the parking spot was a little loosey goosey at that complex, but they made it happen to satisfy the FHA requirements.
Why in the world would a FHA loan require that a condo come with a parking spot?
FHA loans are generally the most restrictive. I don't know why they require a parking spot but they have a whole section on "community". Some other requirements:
Condominium FHA approvals come with restrictions designed to approve communities and units that will maintain or increase in value over time for all interested parties. These are some baseline requirements:
The condo must be completed or at least completed in its current phase of construction, not just proposed.
In communities with at least 10 units, up to 50% of the units can be FHA-insured. For communities with fewer than 10 units, only two units can be FHA-insured.
At least 50% of all units must be owner-occupied.
The condo association must keep at least 10% of the HOA budget in a cash reserve.
At least 85% of the units must be current on their condo dues, with limited exceptions for properties where a reserve study has been done.
No more than 35% of the property can be used for commercial use.
The community or individual unit must be recertified every 3 years to ensure it still meets the requirements.
We sold a house to an FHA buyer and it was a pain. In most home sales any type of repair can be negotiated but for an FHA loan the house must be completely turn-key. If one of the window screens has a small tear in it, they won't issue a loan. But if you remove all the windows screens prior to inspection they won't have an issue with it because there are no screens with tears in them. Our house had a deck installed after the home was built. Because the deck wasn't on the as-built survey they wanted a new survey done. The type of deck that was installed didn't require any permits.
These are some of the reasons why cash is king. If I were looking over two similar offers and one was cash and one was an FHA loan, I'd choose the cash offer even if the FHA loan offer was a little higher.
OP, do not even attempt to discuss this at an HOA meeting. Even if you feel like you are getting somewhere, those folks do not have the ability to resolve your issue. I would recommend a disinterested real estate attorney to review your case and claim. The title insurance's attorney will look at it from their POV for liability, which is not necessarily in your best interests. Yes, you would think they are one and the same, but they rarely are the same. Think of it this way.........you have a fire and call your insurance company. They offer you $20,000 for the damages, but you get into it and find it's going to cost $30,000 for the repairs. Not exactly the same thing, but same idea.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Just wondering
