I purchased a condo unit back in 2005 from Mr. ABC. My condo unit purchase included parking space (actually valet parking) and a storage unit. My warranty deed states my condo unit number, the parking space number (V100) and the storage unit number. My warranty deed was prepared by a law office and filed with the county recorder of deeds in 2005.
Mr. ABC owns another condo unit (in same condo building as mine) that was foreclosed this year. An REO broker submitted papers to our condo association with the intent to sell the foreclosed unit plus parking space V100. The broker told the association that he has papers showing that parking space V100 is part of the property. I have not seen the document the broker is talking about.
I asked the broker for information on what his basis is for claiming that parking space V100 was owned by Mr. ABC at the time that the property was foreclosed.
Setting aside the broker issue at this point, I have a question about valet parking spaces and warranty deeds. When a person sells a condo unit and includes a valet parking space that he owns, is a warranty deed (that includes the parking space number in the property description) legally binding? Or is it not binding since a valet parking space is not an assigned physical space? I heard someone say that valet parking space is not deedable.
3 Answers from Attorneys
Without specifically answering the substantive issues, I suggest you pull your title insurance policy and immediately turn this over to the title company to analyze and defend your interest. You paid for coverage, use it.
I agree with Mr. Repay except that normally the seller pays for your title insurance. You may also need to notify your mortgage lender, if any. You should also see an attorney. HOW the parking space was added to your deed is critical: is it a condominium unit, a limited common element with the exclusive right of use, or assigned space common element. The variations can have a significant impact on your rights, but again if the title policy insures "the space" in some way, the title company is saying they will defend against someone claiming a superior interest in it, within policy limitations.
Google Cook County property portal (I assume by zip code you are in Chicago). Type in your property. Go to the lower right hand corner and go on the recorders website. You can get all of the info for looking at the original deeds. You should have a copy of the declaration which should also have this info, but that will be on the recorders website as well. If V100 was deeded to 2 separate owners, this will be a title insurance issue.
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