Legal Question in Real Estate Law in Massachusetts
Dividing condominium assets when one unit is sold?
I own one unit in a 2-unit condominium. Whenever the condo association has bought any tools or materials, the other unit owner and I have divided the cost evenly. My neighbor is now selling his unit, and he contends that we should divide the assets held by the condominium trust (shovels, snow-blower, lawnmower, hoses, other tools, etc.) so that he takes with him a selection of items equivalent to 50% of the total value of these assets. I believe that all items purchased by the association should remain the property of the association regardless of the sale of his unit. Is either of us correct? What is the proper course of action to follow in this situation? Thanks.
2 Answers from Attorneys
Re: Dividing condominium assets when one unit is sold?
Review the bylaws of your Condo Association. They made outline the effect of condo purchases on maintenance items.
Re: Dividing condominium assets when one unit is sold?
You should have a Condominium Trust Agreement that deals with this issue. If this equipment is part of the Trust/Association and constitutes equity in his account, then look to the Association Rules regarding same.
If it is part of a private arrangement, then the issue is who should pay for what. The easiest way is if his Buyer will pay some money to the Seller and it is simply made part of the condo Association/ Trust Assets and treated going forward as such so the issue does not arise in the future.
Please feel free to contact me if you have additional questions.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
