Lot owners from NSW have questions about selling parking spots in strata apartments.
Question: A lot owner wishes to sell one of their parking spots to me. What are the procedure, pitfalls, legalities involved in starting this sale process? Is it possible?
I am an owner with a two bedroom unit and one car spot. A neighbouring lot owner wishes to sell one of their parking spots to me.
What are the procedure, pitfalls, legalities involved in starting this sale? Is it possible?
Answer: This is a very technical legal process and you would need to check the certificate of title for any restrictions on selling car spaces.
Yes this is possible and not unusual. This is a very technical legal process and you would need to check the certificate of title for any restrictions on selling car spaces. We understand in some cases that there may be a restriction that the car space may not be sold except to an owner within the building.
Usually the sale is effected by way of a strata plan of subdivision. The strata plan is re-drawn by a surveyor to show you both own one car space each. A valuer is required to value the sale price. You will also need to pay stamp duty on the sale price and also the cost to re-allocate unit entitlements and you will likely require local council consent and various special resolutions need to be passed by the owners corporation.
Should you need a strata lawyer for further assistance, please let us know.
This post appears in Strata News #448.
Please note: This is not legal advice. You should seek legal advice particular to your situation.
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Looking for strata information concerning your state? For state-specific strata information, take a look here.
Are you not sure about some of the strata terms used in this article? Take a look at our NSW Strata Glossary to help with your understanding.