Legal Question in Real Estate Law in Massachusetts

Re: Division of 3-family property

It depends on, among other things, what the terms of "agreement" were that the three of you made to purchase/convert the property, and how those terms - if enforceable at all - might have been subsequently modified by implied agreement or conduct.

Need more facts. Was the initial agreement written? Probably not; which would probably present a significant obstacle. How did the three of you purchase the property, in fee, joint tenancy, etc.(if you know)? Did you buy the property as individuals, or as part of a real estate nominee trust, or similar legal entity? If so, are there written documents describing the arrangement and the boundaries of the entity, its powers and the rights/liabilities of the parties? If so, what do the documents say?

If you provide these answers in an email to me and more fully describe the current problem (i.e., how has their buy-out offer been valued/assessed?), I will try to provide you more concrete guidance.

Re: Division of 3-family property

If you have a written partnership agreement or purchased the property subject to a written agreement, it will be readily enforceable. I will need to know more about your arrangement, however, assuming that the three of you purchased it with the idea of a converson, you may be out of luck to force the conversion... HOWEVER, you have the right to force the sale of the property or buyout at fair market value... not just what they are willing to pay. Contact me if you wish to discuss the case further.

Re: Division of 3-family property

Did you have a written agreement as to your anticipated condo conversion at the time you took title to the property? If yes, than you need to discuss your options with a competent attorney.

We handle all kinds of real estate matters.