10. What Concerns Should the Buyer’s Agent Have Regarding Lmtd Common Elements?

ANSWER: Limited Common Elements are those common elements that are allocated by the Declaration or by operation of the WCA to the exclusive use of one or more but fewer than all of the units. The limited common elements which are most critical to the Buyer are the parking space(s) and storage locker(s). The Selling Agent should review the preliminary title report to assure that the parking space(s) and storage locker(s) are listed as a Limited Common Element allocated to the Buyer and insured as such in the Buyer’s Policy of Title Insurance.

PRACTICE TIP: If availability of a parking space and/or storage unit is a critical issue to the Buyer’s Purchase, a contingency should be inserted providing that the sale is contingent upon the allocation to Buyer of the given parking space and/or storage locker as the case may be.