Investor · Dallas, TX · Member since 2016 · 46 posts · 6 votes
I'm about to list my Chicago parking spot for sale. I've had a renter in the spot for a year and his lease ends 10/31. I've told him that I'm listing the spot and he would like to sign another year lease. I see advertisements for parking spaces for sale in Chicago regularly that say something about the fact that it currently has a renter with a lease and the buyer would have to honor that lease until it expires. It's very possible that it would be bought by another investor, so I don't mind doing this for my renter. Especially since I don't expect it to sell quickly. Honestly, I wouldn't be surprised if it was still on the market a year from now. What language should I use in the new lease to indicate to the renter that I have promised him that I will include his lease in any purchase agreement and advertisements indicating the buyer must honor the lease?
Not a Lawyer, but i think you just did it, just put in the sales agreement that the spot already has a renter and that they are to agree, and sign the agreement, that if they buy it that they will honor the current renters lease as a contingency for buying it, and provide them with the rental agreement.
Not a Lawyer, but i think you just did it, just put in the sales agreement that the spot already has a renter and that they are to agree, and sign the agreement, that if they buy it that they will honor the current renters lease as a contingency for buying it, and provide them with the rental agreement.
I don't even think you need to do that. The lease is a legal document that needs to be honored by the buyer. You don't need to put in the lease that he parks in the yellow lines or he pays his HOA fee or you won't sell. You don't need to put in contingency that he follows the law. Just make sure he is aware of the lease and all other pertinent matters. Because, if he decides to kick out your renter after he buys that is between those two anyway.
Out of morbid curiosity just how much does a parking spot go for in Chicago?
Depending on the neighborhood, parking in Chicago goes for anywhere between around $15K - $50K. However, downtown Chicago parking spots can easily go for $80K or more.
But, they are difficult to sell because many condos come with a space and rental spaces are ubiquitous. so just somebody wanting to buy a space isn't on every street corner.
Is the parking spot officially "assigned" to the unit you are renting to him. If so..and you sell your parking spot..are you crushing the value of your condo that could possibly be sold down the line with no parking ?
Is the parking spot officially "assigned" to the unit you are renting to him. If so..and you sell your parking spot..are you crushing the value of your condo that could possibly be sold down the line with no parking ?
Just a thought.
No, this parking space was bought on it's own as an investment several years ago separate from any residential unit in the building.