My client was selling his condo unit and one titled parking unit (space). The contract said that the titled parking unit was unit 211. I got a call from the buyer's lawyer, who was looking for the titled parking unit on the condominium plan but couldn't find it. What he had found was a titled mailbox structure, and unit 211 was actually a mailbox unit, not a titled parking unit!

In my 47 years of practicing law, I have never seen a condominium project with a titled mailbox. I thought you might like to see it too, so I've included the mailbox diagram from the condominium plan below (click here if you'd like a closer look). 

The sale stopped in its tracks while everybody looked and assessed and figured. In the end, with the condominium corporation's and the management company's assurance that the parking space the seller was currently using would always be the buyer's parking space, the buyer decided to close. There was no adjustment for a lower value which was great for my seller because parking spaces can be bought and sold and sometimes have substantial value.

LESSONS LEARNED: I'm sure you always obtain a new copy of title as part of your diligence. Whether you are the listing or selling realtor, you should consider getting a copy of the condominium plan. They can contain lots of valuable information, including legal titles for not just the living unit but also for parking units, storage units and now, mailbox units.

Protect yourself.

Cheers,

Barry

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