Owned vs. Exclusive Use
It can be very confusing for a buyer when purchasing a condo. Are you purchasing a condo with a parking space, or a unit and a parking space? What are you actually buying with your condo and what rights do you have?
The different rights that correspond to ownership and exclusive use of space are occur when looking at parking spaces, lockers and terraces within a building.
Majority of terraces are exclusive use. It is on the exterior of the building, therefore the building owns it and gives you the right to use it. You do not required to maintain your balcony but you do have to abide by the rules and regulations as to what you are able to store on it, etc.
As for the parking spaces and lockers that come with units. There will be a separate deed to the parking or locker if you own them. That means you are able to sell each off individually or all together, your choice. With exclusive use, the parking and locker runs with the deed of the unit and you are unable to sell them separately. The right to the exclusive use is always transferred with the sale of any unit.
Exclusive or owned, you are able to store what ever your heart desires in the locker. Parking spaces are treated the same as balconies if they are owned or exclusive use. You need to look at the rules and regulations to see if you are able to store more than one motorized vehicle in the spot or any of your belongings.
Read more about the condominiums:
10 Things to Check Before Buying a Condo
Don't Fear the Condo Fee
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