Medford Real Estate
Medford is a city in Massachusetts with a population of about 55,000 residents and about 14,000 families. The median family income is about $62,000. The estimated median house or condo value in 2012 was about $380,000. If you are on a condo board or plan to buy or sell a condominium in Medford, it may be important to have the guidance of a knowledgeable real estate attorney. For many people, the purchase of a condominium or other real property is one of the biggest transactions they will ever make. At Pulgini & Norton, we can advise you on your rights and options.Condominium Laws in Massachusetts
In this state, condominiums are created by following the rules set forth in the Massachusetts Condominium Act, General Laws Chapter 183A. Among other things, a property owner trying to establish a condominium must record a master deed, which describes what is part of the units and what is part of the common areas, with the registry of deeds. The person who drafts the master deed must identify who will repair the common area and place restrictions on how units are used, such as whether there is a limit on the number of pets or quiet hours.
The individual unit deed will also be submitted, allowing a unit owner to transfer ownership to a buyer and defining use restrictions and all the interests that pass with ownership. In addition to master and unit deeds, a condominium declaration of trust and bylaws will need to be filed. The declaration forms the association and outlines all the rules and procedures it will follow to run smoothly. This includes the amount that can be spent on shared expenses. Once all the legal documents, including the declaration of trust, are drafted and recorded, the units will need to be sold.
Over time, one of the biggest concerns for a condominium association is making sure the property is fully maintained and remains financially solvent. A threat to financial solvency exists when a unit owner repeatedly fails to pay the required monthly fees. Accordingly, Massachusetts allows condominium associations to have an automatic lien against units when the owner fails to pay the monthly fee. This becomes a "priority" or "super" lien if the association takes certain steps, such as sending a notice to the owner and lender, and filing suit. The resulting priority lien is six months of monthly expenses and fees and costs.
If you are selling your condominium, you will need to obtain what is called a 6(d) certificate from the condominium association and provide it at closing. The certificate must be notarized and signed by the number of trustees required by the documents recorded to establish the condominium. In order to have clean title, the certificate must state that you do not have unpaid condominium fees, charges, or special assessments owing. Lenders require buyers to obtain a clean 6(d), and without it, they may not loan the buyer the sum needed to purchase the unit.Contact an Attorney for a Real Estate Matter in Medford
Whether you are buying or selling a condominium or planning a condominium conversion in Medford, it is important to consult a property transactions lawyer. Pulgini & Norton can help ensure that all the requisite steps are taken and the appropriate paperwork is filed so that the real estate sales process or the process of managing the condominium goes smoothly. Call us at 781-843-2200 or contact us via our online form for a consultation.