Naatz Law Office–Condominiums.
Buying a condominium in Massachusetts.
Owning a condo offers certain benefits, but also creates obligations that every buyer should know. Condominiums are usually run by an association of all the owners. This association usually performs services on behalf of the unit owners. These services generally include items such as the maintenance of the common areas, snow removal and repairing the common grounds. In return the unit owners pay a fee for these services and abide by certain restrictions. Buyers of condominiums should understand their rights and obligations before entering into an agreement to buy a condominium unit. Each condominium is unique and the owner’s rights and obligations vary differently for each type of condo.
We have experience in advising buyers of condominiums of the rights and obligations attached to each purchase. We counsel all of our clients to have a real estate attorney review the operating documents prior to making an offer on any condominium unit, so that the client fully understands the nature of their ownership and their relationship to the other owners.
Some differences in the buying process of a Condominium Unit:
CONDOMINIUM INSURANCE. A Certificate of Insurance from the condominium’s insurance carrier naming you and the Association and identifying the unit you are purchasing. Please contact our office for the exact language naming the Bank.
OTHER CONDOMINIUM REQUIREMENTS. A “6 (d)” certificate stating that there are no unpaid common charges to the condominium association as of the date of closing must be issued and sent to us prior to closing. This certificate is obtained from the trustees or managers of the condominium and must be in the form prescribed by law.
Selling a Condo in Massachusetts
Selling a condominium involves issues that require a seller to understand his or her responsibilities before listing a unit for sale. A condominium owner preparing to sell a unit must make the buyer understand how the condo works, which usually involves allowing the buyer an opportunity to review the governing documents, commonly referred to as the “condo docs”. Sellers must know whether their condo docs provide a right of first refusal. A seller must provide proof at the time of closing that their condominium dues are fully paid. This form, called a “6(d)” certificate is prepared by the condominium association.
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Selecting the right attorney is an important decision and a sometimes daunting task. Choosing an attorney with the appropriate experience and knowledge will ensure that you are legally protected now and in the future. Make an appointment for a free brief consultation at Naatz Law to determine if we are best suited to fit your legal needs.
Naatz Law Office, 1111 Elm Street, Ste 28,
West Springfield, Ma 01089. Disclaimer