You would think because you just bought a condo with a garage that you could sell it separately. Not always the case. Even if it comes with its own separate cadastre number, doesn’t mean that it has its own title.
Condos are separated into common and exclusive areas. The garage is usually what’s known as a common area. People come and go in and out of it and the condo association is responsible for maintenance and repairs. Within those walls, you have exclusive right of a parking space.
To find out whether or not you can sell it, you would have to make sure that it comes with its own separate title. If it does, this means that you can sell it to whomever you want. The flip side of it, you are not even allowed to sell it to your next door neighbour.
This can make a big difference for some people. I’ve found that some buyer’s get really excited knowing that a condo is being sold with two garages, thinking that they can sell one separately. An underground garage in downtown Montreal can fetch between $25K-$50K and sometimes more depending on area.
Be sure to check the condo by-laws and regulations of a condo pertaining to the garage as well. Make sure you know what you are getting yourself into.
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