Vancouver Condo Real Estate Video Blog #722 - June 18, 2012
Selling Your Parking with Your Vancouver Condo
Ian Watt video blogs about how most parking stalls are not part of the strata lot for Vancouver Condos and most are on 99 years leases held by the developer so the owner of the strata lot doesn't own the parking but he or she owns the right to use it for 99 years. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2012.
Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. Dealing with parking in storage when you’re buying a Vancouver condo is a little bit difficult. A lot of people just assumed that they owned their parking stalls. Most of the buildings from 2000 or newer you don’t own your parking stall you pay $30,000 or $40,000 dollars from the developer to have the rights to use it for 99 years. Most of the parking is on a 99 year lease. And if you go to Woodwards for example the one bedrooms most of them are on a ten year lease across the street so make sure you’re aware of that. So 99 years goes by nobody knows what’s gonna happen it’s not my problem but keep in mind if you're selling a Vancouver condo and your selling the parking stall included with it make sure it’s clear that you don’t actually own the parking stall, make sure if it’s on a lease you tell everyone you own the right to use it but you don’t own that parking stall or you gonna find yourself in a big lawsuit. My name is Ian Watt and if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!