INVESTMENT PROPERTYPURCHASE AND SALES

CONDO CONVERSION

What is the process?

WHO IS INVOLVED?

Who is involved in the process of condo conversion?

OUR FIRM

Master Deed

Declaration of Trust

Rules and Regulations

Unit Deeds

Limited Warranty, if any

6(d) Certificate

Tax Letter Agreement

Representation for the owner in the sale of each unit.

PREPARE PREPARE REPRESENT

ENGINEER

ARCHITECT

SOMERVILLE: CONDO REVIEW BOARDThe Board is responsible for conducting hearings and for surveying and updating

information concerning rental units in the City.

The Condominium Review Board is comprised of five members: • two home owners;• two tenants; and• one elderly, handicapped or

low or moderate income Somerville resident (chosen by the Mayor and confirmed by the Board of Aldermen).

SOMERVILLE: CONDO REVIEW BOARDPERMITS REQUIRED

PERMITS REQUIRED FOR:

• the conversion of rental units to condominiums

• the sale of a condominium unit, which has most recently been a rental unit.

• If the unit being converted to condominium use has never been rented, a Certificate of Exemption is issued.

FIGURE OUT YOUR TIMING

TIMING TO DRAW UP PLANS

TIMING TO PREPARE DOCUMENTS

ABOUT ONE MONTH ABOUT ONE TO TWO WEEKS

THINGS TO REMEMBER…

documents should not go to record until after the units are under agreement as the buyer’s counsels may want to review and make changes to them.1

2

Documents should not go to record until after the units are under agreement as the buyer’s counsels may want to review and make changes to them.

Avoid costs for any Amendments, if possible.

COST

COST FOR

PLANS

CLOSING COSTSELLER

REPRESENTATION COST

RECORDING COST

DOCUMENT PREPARATION

COST

COST FOR

DOCUMENT

TO “TRUST” OR NOT TO “TRUST”

TYPES OF TRUSTS INCLUDE. . . .

1

2

3

REALTY TRUST

IRREVOCABLE TRUST

REVOCABLE TRUST

TO “TRUST” OR NOT TO “TRUST”

CREDITOR PROTECTION ESTATE PLANNING

CREATING FLEXABILTY FOR THE SELLER WHEN BUYING A HOME

SUBJECT TO SUITABLE HOUSING

CREATING FLEXABILTY FOR THE SELLER WHEN BUYING A HOME

EFFECTIVE EMPLOYMENT OF USE AND OCCUPANCY AGREEMENTS

FLEXIABLE CLOSE DATE

• What is it and how does it work?• How can it help me?• What are the terms?• Who decides the terms?• Will I be forced to close if I can’t

find suitable housing?

COMMITMENT DATES WHEN BUYING AND SELLING

• Why are these dates important?• Who should obtain their commitment

first? My buyer or seller?• Why?• What if the buyer needs a mortgage

commitment extension?

YOUR EXPERT REAL ESTATE COUNSEL OFFICES IN MILFORD & BOSTON

ALI ALAVIT: (877) 552-2529F: (877) 318-3192C: (508) 400-6162

aalavi@alavibraza.com  

MILFORD OFFICE

284 Main Street

Milford, MA 01757

BOSTON OFFICE

20 Park Plaza, Suite 454

Boston, MA 02116