Purchasing a Garage Parking Spot

[theboog76]

What is the name of your state? Washington, DC

Hi, I am in the process of purchasing a garage parking spot from another tenant in the building. I'm trying to figure a few things out:

1) How do I know if he actually owns the parking spot?
2) Assuming that he does own the parking spot, what steps are necessary to have this parking spot deeded to me?
3) Is there anything else that I should consider before giving him the money and having him record the deed with me as the Grantee?

Thanks. Any help would be much appreciated, as I can't find any information on buying and selling garage parking spots.

Regards,
Mike

[seniorjudge]

1) How do I know if he actually owns the parking spot?

A: Ask for written proof.



2) Assuming that he does own the parking spot, what steps are necessary to have this parking spot deeded to me?

A: You need to hire a lawyer to draw up a deed for you.



3) Is there anything else that I should consider before giving him the money and having him record the deed with me as the Grantee?

A: You need to record the deed; it's not his obligation to do that.

[theboog76]

I appreciate the help. I have a few more questions.

Since this is a parking spot worth about $30k, we're opting to handle the transaction amongst ourselves. He's already drawn up a deed for the parking spot. Him and his wife have already signed the deed and notarized it. Now, if I hand him the money for the parking spot and go record the deed myself, would this be enough for me to legally own this parking spot or is there something else that I have to do? Should I have a title search done on the property?

Another problem is, I don't think the original deed to his condo mentions the parking spot as a separate lot and square number, it klumps it all together as one. If they were to sell their condo later on, how would they distinguish their condo and their parking spot?

I'm so confused here...I'm just trying to understand how this process should work.

Regards,
Mike

[seniorjudge]

Since this is a parking spot worth about $30k, we're opting to handle the transaction amongst ourselves.

Bad idea.


He's already drawn up a deed for the parking spot. Him and his wife have already signed the deed and notarized it.

Worse idea.


Now, if I hand him the money for the parking spot and go record the deed myself, would this be enough for me to legally own this parking spot or is there something else that I have to do?

If I could answer questions like that, I would be at the casino instead of posting here.



Should I have a title search done on the property?

Yes...and have it done by yesterday.


Another problem is, I don't think the original deed to his condo mentions the parking spot as a separate lot and square number, it klumps it all together as one. If they were to sell their condo later on, how would they distinguish their condo and their parking spot?


Another good reason to get a lawyer.


I'm so confused here...I'm just trying to understand how this process should work.

A lawyer will explain everything to you.

[theboog76]

Alright, I'm going to get an attorney to do it. I was leaning towards that anyways. I appreciate your help.

[theboog76]

Alright, so I've been unsuccessful in finding a closing attorney to help me out with this problem. They keep telling me to talk to the condo association because the parking spot is a "common limited element" of the building and they need to reassign that parking spot to me somehow. Then, when I call the condo association, they keep tellilng me to talk to a closing attorney.

Now, I've been doing my own research on the subject. I even downloaded the condo/parking spot deeds of the original owner and the current owner.

On the original owner's deed, the parking spot is listed in the legal description. On the current owner's deed, the parking spot is not listed in the legal description. This is obviously a mistake. I think I need to get the current owner to re-record his deed? Or would this be the resposibility of the title company who prepared the deed?

After I get this done, if I created a deed with just the parking spot on it, and get the current owner to sign and notarize it, would this be enough to prove ownership?

Am I completely off here? Am I missing anything? I'm just trying to figure out exactly what needs to be done to get this transaction completed, since I'm having such a hard time finding someone to help me out. If you want, I can send you the deeds that I downloaded. I appreciate any help or information that you can give me.