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How do I make my 2 family income property condos?

Sent to Legal Experts August 28 10:50 PM

I own a 2 family apartment home in a city. I would like to sell one of the apartments to my daughter. I know that the city will allow it, but do not know whay is entailed...

 

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New Bedford, Massachusetts

Already Tried:
City Hall - all departments.

Customer (name blocked for privacy)
Status:  Closed   Value: $15
Answer
August 28 10:55 PM (5 minutes and 51 seconds later)
         
REPLIEDCheck Mark

You need to form condominium and apply to the county office to separate titles.



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LEV -- Retired -- 99% Positive Feedback on 1335 Legal Accepts
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Reply
August 28 10:58 PM (2 minutes and 27 seconds later)
         
Reply to Lev's Post: If I separate the titles and sell both apartments who owns the building and land?
Customer (name blocked for privacy)
Answer
August 28 11:12 PM (14 minutes and 26 seconds later)
         
ACCEPTEDCheck Mark

The condominium will be the actual owner or the land and the building. The rules for condominium government or management are established in a document commonly called a declaration of condominium. The owners and occupiers of condominiums are subject to rules in the declaration of condominium or created by the condominium association, such as paying required monthly fees for maintaining the property's common areas. A homeowners association, consisting of all the members, manages the common areas usually through a board of directors elected by the members. Condominiums are commonly owned in fee simple title, but can be owned in ways other real estate can be owned, such as title held in trust. The law that governs condominium depends on the state - http://www.megalaw.com/top/condo.php

Here is a GENERAL LAWS OF MASSACHUSETTS CHAPTER 183A. CONDOMINIUMS.- http://www.mass.gov/legis/laws/mgl/gl-183a-toc.htm



The answer is an advisory opinion (not legal or financial advice). After accepting the answer bookmark it - you may return to this page later for reference or to ask for clarification. Appreciate your positive feedback.
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LEV -- Retired -- 99% Positive Feedback on 1335 Legal Accepts
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