THOUGHT OF THE WEEK
PARKING BAYS IN SECTIONAL TITLE SCHEMES
If you are buying into a scheme and acquiring a parking bay, ask your estate agent to obtain confirmation of the type of parking area involved.
In sectional title schemes there are generally two types of parking bays - one type is a registered right to which you receive a title deed and which can be mortgaged and re-sold, whilst the other type is not and signifies an arrangement to grant a section owner certain use rights in respect of a parking area by virtue of the scheme’s rules.
Estate agents should take every care to correctly indicate which type of parking bay area is involved on the sale agreement, as it impacts on the financing of the purchase and your rights with regard thereto, as well as the smooth running of the conveyancing transaction.
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