Legal Question in Real Estate Law in Massachusetts

Re: Condo conversion

You've identified one means in your subject line: convert to condo's and sell them. I think you'll have to sell 5 of the 8 within a year in order to give up control of the development to the buyers; you'll need to do certain legal steps, as well, e.g., record a condo doc at the registry, etc.

Another method, if you are just selling "half" of the property is to transfer the title of the property to yourself AND the other party as co-tenants. (This phrase "co-tenants" and the phrase tenants-in-common don't have anything to do with leasing and renting out units to tenants.)

You would be tenants-in-common, probably each owning an undivided one half interest in the whole of the building.

There are a few other possibilities as well, such

as ownership by a real estate trust, of which there are several flavors.

Call me at (617)527-0050 if you'd like to discuss this further, or write to me at [email protected] or send me a fax to 527-1763.

Good luck.