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How to assess and manage individually deeded condo parking spaces?

Posted on Mon, Oct 25, 2010 @ 01:41 PM
  
  
  
  
  
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We have a 15-unit condo building with 6 deeded parking spaces. The common element ownership is divided into 21 units - the 15 actual units plus the 6 parking spaces which each are about 7% ownership. Should I be keeping the assessments paid for the parking spots in a separate account for parking lot repair and maintenance? One non-parking-space-owner even said the snow removal should be divided with sidewalks and such coming from the main association account and the small parking lot snow removal coming from the parking assessments. How should this be handled? There's nothing about this in the bylaws.

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Check your CC&R's to see if they establish a specific policy for this. If there is nothing in the CC&R's or your By-laws the board can determine a specific policy and make it part of the CC&R's through amendment or make it a board resolution. As I read your comments they state the commom area element is 21...15 units plus the 6 parking spaces. That would tell me right there that everyone shares the cost equally for the 6 spaces in terms of budgeting. Do the owners who have the deeded parking spaces currently pay more for the parking spot? Was that how the units were sold? If so, please advise.
Posted @ Monday, October 25, 2010 2:41 PM by Pamela
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