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New Land Registry Rules for Parking Spaces

New Land Registry Rules for Parking Spaces

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The amendments to the execution government decree of the Land Registry Act entered into force on 1 May 2022, which introduced a new definition of parking space. A parking space is an area serving for the placement of a motor vehicle created in the motor vehicle storage room of a building, one side of which is connected to the access road to the parking spaces and the other three sides of which are delimited by a permanent physical marking or wall on the floor of the room. The definition also specifies the size of the parking space. This is important, since as a result, a parking space in a car storage room of a condominium may be registered as an independent property in the land registry. This only requires a proof of existence of a car storage room in the building.

On the other hand, the amendment has created the possibility that if a property, to which the pre-emption right relates is registered on a separate land registry extract for a condominium or cooperative building, and the property is also classified as a garage, instead of a return receipt (in Hungarian: tértivevény) or acknowledgement of receipt (in Hungarian: átvételi elismervény) for the notification of the beneficiary of the pre-emption right, it also may be accepted if the joint representative of the condominium or of the person authorised to represent the cooperative issues a declaration in a private deed with full evidence that the purchase offer has been posted in a conspicuous manner in the common areas of the condominium or cooperative building for the duration of the period for which the offer is binding.

This declaration shall be accompanied by an original copy of the purchase offer, including the date of posting, the date of removal and the signature of the joint representative or of the person authorised to represent the cooperative making the declaration.

By Lidia Suveges, Attorney at law, KCG Partners Law Firm

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

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