How Many Years Does the Property Right of a Parking Space Last?
2 Answers
Parking space property right duration: For parking spaces with property rights, the property right duration is 70 years; for parking spaces without property rights, the usage duration is 20 years. Parking spaces with property rights allow for the trading of property rights, establishing the owner's rights to ownership, usage, inheritance, etc. Parking spaces without property rights can only transfer usage rights, typically obtained through agreements, and the usage rights expire when the lease term ends. Parking space property rights types: 1. Underground property right parking spaces in residential areas: These are parking spaces in the underground space of a residential area that meet the project and planning conditions, have completed land transfer procedures, and can obtain ownership certificates. The property right duration for such parking spaces is 70 years; 2. Above-ground parking spaces in residential areas: These are parking spaces set up in the above-ground space of a residential area, generally for temporary vehicle parking. They include parking spaces within the residential construction plan and additional parking spaces added by developers outside the plan.
As an ordinary citizen who has been paying attention to community affairs for many years, I believe that the property right term for parking spaces is usually 70 years, which is the same as residential property rights and is based on national laws. When purchasing a parking space, the most crucial factor is to check the remaining term. For newly opened residential areas, the remaining time of parking spaces may be close to 70 years, while for older communities, it may only be a dozen years or so. After the 70-year term expires, the state allows renewal, but it is likely that a land transfer fee will be required, although the specific amount has not been determined yet. I suggest that everyone check the property certificate carefully before purchasing, ask the developer or intermediary, and prioritize parking spaces with longer remaining terms. Additionally, different types of parking spaces also have an impact. For example, underground property parking spaces are more stable, while open-air parking spaces may involve usage rights issues. Don't opt for short-term rental parking spaces just to save money, as it may lead to troubles later on.
