Can exclusive use or restricted common areas, such as parking spaces or storage spaces, be sold to or exchanged with another owner?
If the exclusive use or restricted common area is assigned to a particular unit or lot on a map or plan recorded separately from the CC&Rs, the sale or exchange would require an amendment of the map or plan as described in the previous answer. If the exclusive use or restricted common area is assigned to a particular unit or lot only in the CC&Rs and/or the initial deed conveying the unit or lot, and is not assigned on the map or plan, the sale or exchange will require an amendment to the CC&Rs and/or a new deed. In these cases, the owners directly involved with the sale or exchange will need the approval and cooperation of their mortgage lenders. The CC&Rs may also require approval and cooperation of some or all of the other owners and their mortgage lenders.
Related Questions
- Can exclusive use or restricted common areas, such as parking spaces or storage spaces, be sold to or exchanged with another owner?
- As the owner of a unit or apartment, am I entitled to claim Depreciation on Body Corporate or Common Areas in the complex?
- Can a new owner discontinue such amenities as storage bins, parking spaces, laundry facilities and the like?
