Legal Question in Real Estate Law in Massachusetts

: Condo Association purchasing units to rent

Getting into the rental business always has a potential for problems, including the impact on the value, destruction of property, none-payment of rent, who has the authority to rent the unit, and others.

If you need assistance, contact me.

Re: Condo Association purchasing units to rent

First, you have to make sure that the Association is authorized to engage in such activity under its trust or association document. If not, you will need to amend the Association documents to permit it and will have to comply with the rules for such an amendment.

Second, you have to make sure the structure is set-up so that it does not adveresly effect your non-profit tax status as a condo association.

Third, you need to make sure you understand and have the ability to manage rental real estate as an association. Compliance with landlord tenant rules, risk of loss due to non-payment; eviction etc.

Please feel free to contact me if you have additional quesitons.