Lessons Learned: Parking and Title Searches

Disclaimer: This article is intended for the purposes of providing information on parking space on title deeds only and is to be used only for the purposes of guidance. This article is not intended to be relied upon as the giving of legal advice and does not purport to be exhaustive.

Let’s outline a scenario that may come up (and in fact, recently did arise on one of our files). Those lessons are:

  • Get in touch with a real estate lawyer before you have even made an offer
  • The listing does not tell the full story – the title search does
  • A good real estate lawyer can help you with any unexpected

Let’s outline what happened. It was a row house that was being purchased in an older part of the city. The listing indicated that there were multiple parking spots.

However, a title search revealed that there was only one registered parking spot on title. The bylaw department would be allowed to ticket any vehicles in the remaining spots, as they were not authorized by the city.

This is not uncommon, especially in older areas. So what can you learn from this scenario?

Involve a Lawyer Early in the Process

If you are purchasing a home in an older area where parking spots are registered on title, you want to acknowledge this possibility early in the process. What can you do?  You can:

  • make it a condition that before closing, the seller provides confirmation of the registered parking spots; or
  • have a lawyer complete a title search before making an offer

Either way, a lawyer can help you protect your interests and ensure that you are not purchasing a property that does not have the parking that the listing indicated.

Want the full story? Check the title search

The seller believed that there were multiple parking spaces registered to the property; however, those representations are not accurate and should not be relied upon until they are confirmed by the title search.

This reinforces why a title search is such an important part of the closing process. Only by looking at the records on title can we determine what the property actually comes with.

This is especially important when it comes to a parking space on the title deeds, as there can be a significant difference in the value of a property depending on whether or not it has registered parking. This leads us to our final lesson.

You want a great real estate lawyer when there are unexpected issues

It is not uncommon for there to be discrepancies between the listing and what is revealed in a title search. However, it can still be frustrating and stressful when it happens.

As we mentioned, the difference between the listing and the title search can mean a material difference in the property’s value. Having a real estate lawyer with the right caliber, experience and expertise can help you negotiate a resolution that is acceptable to you.

Whether it is working with the seller to try and get additional parking spots registered, or adjusting the purchase price to reflect the difference in value, a great lawyer can help you achieve a favourable result.

The Beeksma Law Advantage

Searching for and buying a home can be overwhelming, especially in today’s competitive market.  That’s why you need the lawyers at Beeksma Law. We have experience helping clients buy and sell property in Ontario. We know what to look for and what questions to ask. Then, we will work hard to protect your interests, regardless of what comes up along the way.

At Beeksma Law, we provide our clients with confidence. Our clients know the legal details of their purchase are handled. They can then focus on making the best decision for their family.

If you are purchasing a home and want to make sure that everything goes smoothly, contact us today for a free consultation. We would be happy to answer any of your questions and help you get started on the right foot.

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