What is deeded storage? Is it a more intense form of storage? Yes and no! Deeded storage refers to a storage unit that is legally owned as part of a property’s real estate interest. If a storage unit associated with a condominium is not deeded, it is usually assigned by the homeowners association (HOA) and potentially can be changed or taken away by the HOA. Deeded storage is transferred through the property’s deed and remains with the property when it is sold unless the parties agree otherwise. The storage unit may be included in the same deed as the residence or recorded as a separate legal parcel, depending on how the development was created.
If the storage unit is its own separate piece of real estate owned by the condominium owner, it is still deeded storage, since it is owned by the unit owner. Whether it is legally its own separate piece of real estate that can be sold by itself, or whether it is owned as part of the condominium itself, it is still deeded. If it is owned by the HOA and the HOA allows a certain unit owner to use it, it is not deeded to the unit owner but is part of the general common elements of the building that is owned by the HOA.
When a real estate listing states that a property includes deeded storage, it indicates that the buyer will receive ownership of the storage space as part of the transaction. Because deeded storage is a property interest, it can affect the property’s value and, in some cases, may have its own tax assessment or legal description. Buyers should verify the location, dimensions, and legal status of the storage unit, and review the title report and condominium documents to confirm exactly what is being conveyed with the sale.
