Strata Tip of the Week - What is parking and/or storage allocated by owner developer assignment?

If you’ve read our email titled Understanding Parking and Storage Designations, you’ll know that there are different ways parking and storage can be designated within a strata corporation. One of these is when parking and/or storage has been allocated by owner developer assignment.

You’ll typically know this is the case if, on the Form B, the strata has selected for the:

1. Parking question “Are there any parking stall(s) allocated to the strata lot?”

• The answer “Parking stall(s) number(s) ______ may have been allocated by owner developer assignment”

AND/OR

2. Storage question “Are there any storage locker(s) allocated to the strata lot?”

• The answer “Storage locker(s) number(s) ______ may have been allocated by owner developer assignment”

When parking and/or storage has been allocated this way, there are additional documents you should obtain. These typically include:

• The main lease document, sometimes referred to as the master lease or head lease, and

• The assignment document(s), sometimes referred to as partial assignment documents or sub-leases. There may be just one, or there could be separate documents for each parking stall and/or storage locker.

Because these documents are not registered with the Land Title and Survey Authority (LTSA), you’ll need to review them to confirm the buyer’s rights to any specific parking stall(s) or storage locker(s). Strata corporations don’t always obtain or retain copies, so you will often have to get them directly from the sellers.

Lastly, because the terms of these parking and/or storage documents can often be complicated and contain a lot of legal jargon, you should also recommend that your clients obtain legal advice, to confirm their validity.

That’s it for this week. If you have any suggestions for other topics you’d like us to cover, please let us know at info@condoclear.ca.