Legal Question in Real Estate Law in Massachusetts
I'm about to purchase a condo. It's part of a 2 unit condo, each not connected to the other. Previous owner converted them to condo to be able to sell each individually (due to small size of property). Each owner has 50% interest. Question: He also set up a trust with him as trustee. Am I required to keep the trust? Can/Should I dissolve it?
2 Answers from Attorneys
No, you should have everything reviewed by an attorney. Often in a smaller condo association, the condo documents provide that the Trustees shall be the individual owners of each of the units. Yours should be reviewed. If you are buying property, I strongly recommend that you retain an attorney. Our firm charges a simple flat fee to represent buyers.
You are not required to keep the individual condo trust. You can buy individually or however it is legally allowed. The trust is dissolved upon sale, assuming you are talking about the individual condo trust.
If you are confused, you should review this and the financial status of the condo "association" with an attorney. You may be focusing on only part of the pie. You should also review the condo rules and the filings.
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