Massachusetts Condominium Law sometimes allow an owner to divide property and sell buildings or portions of buildings (individual units) apart from the land on which the buildings are located. Typically, an attorney will prepare a Master Deed, Declaration of Trust and Bylaws as part of the condominium conversion process.
The Master Deed is the basic condominium document that must be recorded by the property owner. A site plan must be prepared by an engineer or land surveyor showing an outline of the lot, the building(s), parking and yard areas, basement and attic (if any) and the floor plans for each unit. The site plan will show all shared common use areas and any exclusive right to use these areas. These may include parking spaces, garages and back yards specifically designated to a particular unit. The Master Deed is then recorded at a Registry of Deeds in order to legally create the condominium.
The association and rules that will govern the condominium are created by the Condominium Declaration of Trust and Bylaws. The Trust also specifies the way in which common expenses will be paid, such as insurance, the water and sewer bill and the common electric bill, as well as general maintenance of the common areas. The Trust and incorporated Bylaws must be recorded at the Registry of Deeds with the Master Deed.
Conversion of a condominium requires keen attention to detail. Our attorneys will prepare the required documents and assist in bank financing. This is a specialized area of real estate law and obtaining a practitioner experienced in this area of the law is essential.