What You Should Know About Parking Spaces in Oakville Condos

Due to increased population, land is becoming scarce. This has led to a boom in the development of condos across cities. The train is not only on living space, but on parking space as well. Nowadays, parking spaces are deemed a valuable commodity. That said, if you are an aspiring Oakville condos owner, read on to learn about the various kinds of parking spaces in condos.

 

Parking Spaces Owned by Residents

 

These types of parking spaces are for those residents who dawn separate legal titles. Their treatment is similar to that of a condo unit, as the parking can be rented, sold and bought. This feature excludes them from common elements. The most crucial part in this type of parking is to understand that the transactions involving the parking area are subject to condo’s rules and regulations.

 

Common Element Parking Spaces

 

These are the types of parking spots that make part of the common elements. The parking spaces under common elements belong to the condo board. This means that ownership is not direct to the owners unit. You should know that the spots are readily available on the principle first come first served. 

 

Exclusive Use Parking Spaces

 

These types of parking spaces are rare to find in Oakville Condos and are characterized as hybrid in nature. They are categorized as limited common element spots that are not owned by any of the individual condo unit owners as they do not dawn legal titles. They are often owned by the board managing the condos and their use if often allocated to a condo owner or an individual unit. 

 

Above are the three types of Oakville Condos and all the information you need to know about parking and the laws involved. Always keep in mind that different condos have different legalities.