You start your home search with a parking space as part of your criteria. And then you see the perfect condo, but it has what’s defined as “leased parking.” What exactly are the ramifications for this?
The SF Realtor Association recently changed the data fields in the MLS to include leased parking and its related details in a given listing. Previously, you either had some type of deeded parking, or not. Some agents indicated “1L” in the data field, which resulted in listings showing a parking space that technically wasn’t going to be sold with the unit. So the new leased parking fields are a good thing, in my opinion.
The main distinction to make with respect to parking is that a space is included with the purchase, or it’s not. There are also variations on parking that comes with a unit, such as deeded, assigned, tandem or independent style. [Read more…]