NSW: Q&A Selling a Parking Spot in Strata Apartments

ByLeanne Habib

 

Question: A lot owner wishes to sell one of their parking spots to me. What are the procedure, pit falls, 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, pit falls, 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.

For the full question and our detailed response, visit the original publication at Look Up Strata.

Do you have a question relating to your property or development? Contact us!

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