Condo Neighbor wants to rent my parking spot. What do i need to know? (Canada)

21stCentury

As the thread title states, i live in a condo. My upstairs neighbor reached out to me to ask if i'd be interested in renting out my parking space. While i do have a parking space, i don't have a car. I mainly got it so that if i had company over there'd be a bit less of an issue finding parking spaces. Currently, though.... yeah, not seeing company for obvious reasons.

I already looked around to figure out how much i could charge, so at least i know where to start the negotiations. I figure i would need to draft a contract for this, though. I figure i can probably find a template somewhere but in case it could be made easier, anyone know a good source for that sort of thing, knowing i live in Canada?

Also, aside from a basic contract, anything i should know? I definitely don't want to do this in a bad way.

Thanks in advance!

Caedwyr

Something to double check is if there are any strata rules around renting out parking spots. There may be other sublet situations in the building and the easiest way is to follow those approaches if everything appears to be done properly.

I've never done this before, so there may be some other things you need to take into account.

JaysonFour

Double-check that you're even actually allowed to do this under your lease and the rules of your development. It'd be an absolute shit thing to get kicked out of your lease because of a parking spot.

HappylilElf

Do you own your condo or are you renting it?

Additionally even if you own it is there anything in the condo agreement/rules/by-laws that talks about this directly? If not is there anything that could be interpreted by an asshole to cover this even if it's obvious that's not what the condo agreement/rules/by-laws are actually speaking to?

I'm not in Canada but I suspect there's no law against it. What might be against it is the rules for your particular lease/building.

21stCentury

i own my condo, i'm on the condo association, there's no rulke against it and i was told i could rent out my parking spot when i bought the condo also.

zepherin

21stCentury wrote: »

i own my condo, i'm on the condo association, there's no rulke against it and i was told i could rent out my parking spot when i bought the condo also.

When my company has rented parking spots in DC, it always looked like a fairly standard leasing agreement. Specify the length of time of the lease how many spaces, what spaces, and amount paid per month/year.

As always make sure to get any agreement in writing and have specific dates spelled out instead of durations. IE from October 12th 2020 to October 12th 2021. Let them know that after that period is up it becomes your space which you can have them towed from. I don't know what the standards are for Canadian contracts though.

Fiendishrabbit

1. Talk to the condo association board (you should have one) and make sure that it's ok.
2. Ask if they for any reason have a standard form for this kind of contract?
3. If they don't have a ready contract, write one. It should specify

• What the parking spot is (clearly identifying building and parking spot number/place)
• That you are the owner of the parking spot
• Who you're renting it out to
• For how long
• For how much and when the payments are made.
• That you have the authority to rent out this spot
• That you as the owner of the parking place is in no way responsible for personal or property damages that may arise from this contract
• That both you and the renter bind yourself to obey existing and any changed condo by-laws
• Prohibiting the sublease of the parking spot to anyone else and, in order to validate that this is done, specify that at most 2 different (and specific) cars can be parked in that spot (car description and license plate number)
• What the terms are for breaking the contract. Usually a forfeiture clause for non-payment (that's compliant with Canadian and provincial laws) and conditions for you and the renter to verbally or in writing end the contract and for how long time in advance this has to be done. Typicly you should give at least two to three months advance on your part (so that he has the opportunity to find a new parking spot or sell the car) while on his part it's either equal to yours or somewhat less (but at least one month in advance).