As an owner of a multi-family home considering, you may want to consider exploring the option of converting the building to condos and selling the units individually. It is a fairly straightforward process in Massachusetts, and in most municipalities for most legal multi-family houses there is no local approval needed. It is also relatively inexpensive and the return on your investment can be substantial.
Our office drafts the Master Deed, Declaration of Trust and By-Laws of the Condominium. We help you coordinate obtaining the correct condo insurance, setting up a workable condo budget and help negotiate any partial releases of mortgage from your mortgage services (if necessary). We also draft the unit deeds and certificates of no condo unpaid expenses which are both needed for closing.
You will also need to hire a architect/civil engineer to create and stamp unit plans and a surveyor to create a condominium site plan (if you have exterior exclusive use areas or assigned parking. We have an extensive network trusted professionals we would be happy to refer you to for these purposes.
If you are considering converting your multi-family house or building to condominiums please contact us today.