A buyer is interested in a condominium unit where the parking stall is listed as 'assigned exclusive use' rather than titled common property. What is the key distinction a real estate associate should explain to the buyer regarding this type of parking?

Question: A buyer is interested in a condominium unit where the parking stall is listed as 'assigned exclusive use' rather than titled common property. What is the key distinction a real estate associate should explain to the buyer regarding this type of parking?

Answer options:

• An assigned exclusive use parking stall can be freely sold by the unit owner to a third party. ✅ The condominium corporation retains ownership of the 'assigned exclusive use' stall and can reassign it at its discretion, subject to the bylaws.
• This type of parking is included in the unit's title and cannot be separated from the unit.
• Assigned exclusive use means the owner only has rights to use for a fixed term, after which it reverts to the corporation to be sold.

Correct answer: The condominium corporation retains ownership of the 'assigned exclusive use' stall and can reassign it at its discretion, subject to the bylaws.

Explanation: An assigned exclusive use parking stall means the condominium corporation retains ownership and assigns usage rights to a specific unit, typically outlined in the bylaws, allowing the corporation discretion over reassignment. This distinguishes it from titled common property, which is owned by the corporation but legally tied to the unit title, or units titled separately.