Whether it’s a community of detached houses or a high rise condo, many HOAs provide their residents with parking spots. In some cases, the residents own them, and in other cases, the association simply allows residents to use them. However, not everyone needs a parking spot, so is it possible to sell or rent an HOA parking spot?
Can HOA Residents Sell Their Parking Spot?
Whether or not residents have the right to sell their parking spot depends on many factors. First, who owns the parking spot? If the HOA is a community of detached single-family houses, the resident probably owns the parking spot. However, if it is a condominium, the resident might use the spot, but the condominium might own it.
In any situation, the resident may or may not be able to rent or sell the spot. If the HOA owns the parking spot, they may allow it to transfer, but they’ll want to protect future owners. If the resident owns the parking spot, the governing documents may still prohibit selling or renting.
Why Do Some Residents Sell Their Parking Spot? Continue reading