The Condo Conversion Process

The condominium conversion process requires the efforts of an attorney, an engineer or land surveyor, and an architect. As your attorney, I will prepare a Master Deed, Declaration of Trust, and Bylaws. The Master Deed, when recorded at the Registry of Deeds, will legally create the condominium.

I will obtain sufficient information specific to your condominium conversion project so that I will be able to generate an initial draft set of condominium documents that you will be able to use immediately for the purpose of marketing the units for sale.

Before finalizing the condominium documents, the architect will take measurements of the interior of each unit to be created, the basement, entry hallways and stairways and any other shared common areas. These plans will also show any exclusive right to use areas that go with each unit. Once I obtain a first draft of these plans, I will then be able to finalize for recording the condominium documents in order to legally create the condominium.

In addition, the engineer or land surveyor will prepare a plan of the lot showing where the house sits on the lot including any driveway and garage. This Site Plan will show shared common use areas and any exclusive right to use areas that belong to any of the units. These exclusive right-to-use areas often include parking spaces, a garage, and back yards.

The Master Deed will specify what is considered common area and the boundaries of each unit. It will also specify the rights and obligations of the unit owners, including the exclusive right to use areas for each unit. These exclusive right-to-use areas often include a storage area in the basement, front or rear porches, and a parking space outside.

The Declaration of Trust and Bylaws will create the condominium association, which will manage the day-to-day running of the condominium. The condo association will have its own bank account into which each unit’s monthly fees will be deposited. From this account, the association will pay all of the common expenses relative to the maintenance, repair, and upkeep of the common areas. These common expenses will usually include the condominium insurance premium, common water and sewer bill, and general maintenance and landscaping expenses for the common areas, which include the structural elements of the building. The unit owners may also decide to include in the monthly condominium fee an amount to be assigned to a capital reserve fund. This capital reserve fund will then be available to pay for capital improvements and repairs that may be required in the future.

All condominium associations must have a master insurance policy covering the common areas and certain installed portions of each unit. Unit owners can purchase content policies if they wish to cover their furnishings and personal possessions. In order to ensure that mortgage lenders will accept the master insurance, the policy must include public liability coverage of at least $1,000,000.00. You can get more details about these policies from your insurance agent.

If your property is encumbered by one or more mortgages, you will need to get the approval of these lenders in order to submit your property to condominium status. This step will be unnecessary if you are able to pay off the mortgages when you sell the first unit. If the initial sale (or sales occurring simultaneously) will not result in your ability to satisfy the balance of any mortgages encumbering your property, you may be able to secure a Subordination Agreement from your lender and a Partial Release of the mortgage as each unit is sold.

The Subordination Agreement, which is recorded at the Registry of Deeds, acts as an acknowledgment and approval from your lender to your creation of the condominium and is necessary to prevent the condominium from being terminated in the case of foreclosure of your underlying mortgage(s). The Partial Release removes the mortgage lien from each unit as a portion of the mortgage is satisfied. I will assist you with this step and will draft the documents for your lender.

Contact an Experienced attorney to Guide You in Your Condo Conversion

I highly advise that you speak with a knowledgeable Boston condominium conversion attorney regarding the appropriate steps to take to ensure your condo conversion or real estate development project is properly completed.

If you have any questions regarding this process, or feel that you may benefit from the services of an experienced MA real estate attorney, please contact me to see how I may be of assistance.

Representation of Buyer Only (Not the Lender)

My usual flat fee is between $850 and $1,000 depending on the particulars of the transaction. My fee includes reviewing all of the seller conveyancing documents and the loan documents prepared by the lender’s attorney.

In my representation of the buyer, whether I am representing the lender or not, I will provide the following services:

Review the offer to purchase
Extend the date to sign the purchase agreement and sale agreement, if necessary
If a condominium, review the condominium documents and speak with a trustee or property manager and review the condominium documents with you
Prepare, negotiate, and finalize the purchase and sale agreement
Review the purchase and sale agreement with you in my office if you wish or on the telephone
Extend the mortgage commitment deadline in writing, if necessary
Review the mortgage commitment letter
Coordinate the closing with the conveyancing attorney
Review the settlement statement with you
Prepare a declaration of homestead
reviewing all of the seller conveyancing documents and the loan documents prepared by the lender’s attorney

Representation of Buyer and Lender

When representing both the buyer and lender, I charge a reduced fee of $500.00 to represent the buyer and between $500 and $700 to represent the lender. If I am representing the buyer, I normally represent the lender as well. Many lenders are willing to be represented by the buyer’s attorney. You simply need to request this option to the lender and they will take the appropriate steps to complete the necessary paperwork to realize this option.

I will provide all of the services to the buyer as set forth above. In addition, I will represent the lender by obtaining a title examination, municipal lien certificate, and plot plan, if necessary. I will prepare the loan documents, including the settlement statement, and facilitate the closing. I am a title insurance agent and I will write the title insurance policy for both the lender and the buyer.

The title examination will cost approximately $200. The plot plan will cost $150.

Representation of the Seller

My flat fee for representing a Seller ranges from $850 to $1000 depending on the particulars of the transaction. This flat fee covers my usual services provided to a Seller from the Offer stage through and including a “mail away” closing. A “mail away” closing is one where you come to my office and sign all of the seller closing documents and I FedEx those documents to the bank attorney for the buyer. In other words, none of us will appear at the actual closing.

In my representation of the seller, I will prepare the deed as well as provide all the applicable services provided to buyers.

Comprehensive Real Estate Services

I also represent homeowners in residential refinancing mortgages, real estate developers, and owners of multifamily houses.

When you need an experienced MA real estate attorney to provide you with the highest quality of representation, contact Boston area real estate attorney Joseph Lopisi for a free telephone consultation.

Especially when selling residential real estate, more and more sellers prefer not to go to the closing. Sometimes, sellers will not be available to sign the Offer and/or the Purchase and Sale Agreement relative to the sale of their residential real estate. In these situations, your real estate attorney will prepare a legally sufficient Power of Attorney in which the seller provides that attorney with the power to sign the necessary contracts to sell residential real estate and also to sign the necessary seller closing documents in order for the closing to take place without the seller being present.

However, in these situations where the seller wishes to give a Power of Attorney to his real estate attorney, the seller would have to sign the Power of Attorney and the deed personally.

Regarding the buyers of residential real estate, if there is a lender involved in this purchase transaction, then it would be the lender that needs to approve a Power of Attorney for the buyer’s attorney to sign the loan documents for the buyer at the closing. Most lenders will not allow this. On the other hand, buyers of residential real estate can give their attorney a Power of Attorney regarding the signing of the Offer and the Purchase and Sale Agreement.

Arlington/Cambridge/Boston MA Real Estate Attorney

It is always a good idea to get the professional opinion of a local real estate attorney for your specific situation. They will be able to answer any questions that you might have when it comes to power of attorney. He or she has the expertise and experience to be able to guide you through your situation and provide you with individual solutions to different problems that could potentially come up. Our real estate lawyers in Cambridge are familiar with MA real estate law and will be able to apply this knowledge to your situation, rather than you simply having to do guess work on your own.

condos If you are trying to convert your multifamily building into condos, there are many things that you should keep in mind.

First ask yourself these questions: Is it financially worth it to do this? What is the fair market value as a two or three family house? What is the cumulative fair market value of the condominium units? In general, the cumulative fair market value of condominium units will be greater than the fair market value of the two or three family house. Consequently, you should either obtain the necessary fair market value opinions as a multifamily building versus condominium units from a local real estate broker. Any broker would be glad to provide you with a fair market value opinion with the hope that you would list your property to sell with that specific broker.

Secondly, you should check with a real estate attorney to make sure that the town or city in which your property is located does not have its own condominium conversion ordinances. If they do, this may require following a specific procedure in order to convert to condominiums.

You should weigh all your options and find out the best financial solution for your property before starting to take action. Our real estate attorneys have years of experience to help you make the right decisions moving forward.

First you will want to talk to a Cambridge condominium conversion attorney to see how much a condo would be worth in your neighborhood versus the multifamily building. This attorney would be able to refer you to the appropriate real estate broker who can provide you with a fair market value opinion on either the multiunit building or the condominiums if converted. If it turns out that your building, as a set of condos, will sell for substantially more than it would as a multifamily building, then it would make sense to convert the building into condos.

A local real estate broker can advise you on what kind of work would be advisable to have done on each of the individual condos, such as renovating the kitchen and bathrooms and other quality finishes that would be advisable to actually make these condos marketable. That real estate broker would also provide you with fair market value opinions on the units “as is”. Considering the work that you need to have done, in addition to realtor fees and home warranty fees for each of the condos, you want to make sure that you would still be turning a profit.

A real estate attorney will be able to help you with all the legal aspects of the conversion. They will create drafts of all necessary condo documentation and contracts. They will also put together deeds for each property. Each condo will need its own set of documentation.

There is a lot to keep in mind when you are considering a condominium conversion.

The Cambridge/Arlington/Boston condominium conversion attorneys at the Law Office of Joseph A Lopisi are well versed in MA real estate law.

They will be able to apply their knowledge of the law to your situation, answer any questions that you might have, and guide you accordingly.

Having access to proper and reliable legal support is very important. One type of attorney that you will likely need to hire at least a few times in your life is a real estate attorney. For those that are in the Boston or Arlington area, hiring a MA real estate attorney could provide valuable services in a variety of different scenarios.

Buying residential real estate

One situation in which you will need to hire a Greater Boston metropolitan area real estate attorney is when you are buying residential real estate. When you are buying residential real estate in the greater Boston metropolitan area, a local real estate attorney will be able to provide a variety of very important services. First, the attorney will be able to handle all contract negotiations to ensure that your interests are protected in every way possible. The attorney will review the initial legally binding contract which is the Offer to make sure that your interests are well protected. He will also review, revise and add a Buyer protective Addendum to the proposed Purchase and Sale Agreement prepared initially by the Seller’s attorney. Your attorney will usually also represent your Lender in the financing transaction. In this regard, your attorney will review the title report and certify title to both you and the lender, obtain a plot plan in order to confirm there are no zoning setback violations and obtain a Municipal Lien Certificate confirming there are no outstanding real estate taxes or other liens resulting from failure to pay town/city real estate taxes or water/sewer bills.

Selling residential real estate

Another situation in which your will need to hire an attorney is when you are selling residential real estate. When selling residential real estate in the greater Boston metropolitan area, including Arlington, Cambridge and Boston, hiring an Arlington/Cambridge/Boston MA real estate attorney will help to ensure that the sales agreement is fair and protects your interest as much as possible. Your real estate attorney will coordinate the closing with the bank attorney for the buyer, prepare the Deed and any other legal documents required to convey good record marketable title of your residential real estate to the Buyer. The attorney will also review the Seller Closing Disclosure to make sure that all of the closing costs and adjustments are correct. Your attorney will also be at the closing with you.

Real Estate Changes

While buying and selling residential real estate are the most common situations in which you will want to hire a real estate attorney, there are other situations that call for legal support as well. Some of these possible situations may include property line disputes regarding fences or overhanging tree limbs. In addition, if you own a multi-unit residential building, your real estate attorney can advise you on the process of converting your multiunit building into residential condominium units.

Contact an attorney if you have any questions regarding real estate law. The experienced real estate attorneys at the Law Office of Joseph A. Lopisi, will be able to answer your questions and give you the advice you need. Call today at (617) 354-9500.

multiunit sales If you are purchasing a multiunit residential building, there are many details that go into this process. Many people could try going at this process by themselves, but unless they have the necessary expertise and experience to do so, they are likely to make mistakes that could end up costing them a lot of money and causing them a lot of legal problems in the long run. If you are trying to purchase a multi-unit residential building, there are many complex issues that could ensue. As such, it is a very good idea in this situation to enlist the assistance of a real estate attorney.

Real estate attorneys have legal skills that are specifically related to real estate matters, including the financing of the purchase of this multiunit residential building. Since they have a great deal of expertise when it comes to evaluating the current legal use of said property, the current status of the tenants in said building and any potential title issues, they will be able to provide the necessary assistance when it comes to purchasing a multi-unit residential building. If you decide to do this without the help of a real estate attorney, you could risk making a mistake that ends up losing you a great deal of money or making it impossible to actually carry out the transaction.

Real estate attorneys will frequently represent your lender which is financing the purchase of said building. So in effect, your attorney will be representing you and your lender regarding your purchase of this multiunit residential building. This will make the entire purchase and financing process work seamlessly for you.

If you are in the greater Boston metropolitan area including, but not limited to, Boston, Cambridge, Arlington, Somerville, Belmont and Winchester and are looking to purchase a multiunit residential building, then you could benefit greatly from the assistance of a greater Boston metropolitan area Real Estate Attorney.

Attorney Joseph A. Lopisi will be able to provide you with the necessary legal assistance to ensure that the entire purchase transaction, including the financing of said purchase, goes smoothly with you being protected against any potential pitfalls in the process.

residential home Buying residential real estate can be a great investment if done properly. Luckily, your real estate lawyer Cambridge can help you get the best end of the deal. Here are a couple of reasons to hire a lawyer when you buy residential real estate.

Look over contracts

Real estate Purchase and Sale Agreements are drafted in legal terms which most people are unfamiliar with and do not consequently understand the meaning of these terms. An experienced real estate attorney will make sure that the terms of this Purchase and Sale Agreement protect your interests in every way possible. Your attorney will explain in layman’s terms what the provisions of this Agreement mean. Your attorney will also answer any and all questions you have regarding this Agreement before you sign it.

Investigate the property

The property that you intend to buy might appear perfectly legitimate, but your lawyer will tell you if there is anything that you should know about the property before deciding to purchase it. For example, the lawyer will be able to determine whether the house complies with the town’s current zoning and building regulations. Your attorney will guide you through the process of determining whether any prior renovations were done in accordance with the requirements of the town’s building regulations.

Inspections

Naturally, you will want to have a professional building inspector inspect the building that you’re planning to purchase. Once the inspection is complete, the lawyer can go over the building inspection report and tell you how to best use the results to your advantage. The condition of the property will affect the price greatly and the inspection tells you exactly what you’re working with. Your experienced real estate attorney in the greater Boston Metropolitan area, including Cambridge and Arlington will know what aspects of this building inspection report to focus on during negotiations.

Closing

Closing details, including the lender closing documents, can get quite complicated. Your real estate attorney, who usually will also represent your lender, will answer all your questions at each step of the process of purchasing and financing the purchase of your house in order to make sure that everything is in order before you take the keys. That’s where Attorney Joseph A. Lopisi comes in.

There are many things that real estate developers do. They are the ones in the field of real estate who generally end up taking the biggest risks and reaping the biggest rewards. They not only buy either undeveloped land or currently existing multi-unit residential buildings, but they also must have a good understanding of how to finance these purchases. While this can be a very rewarding field, it can also be very risky in terms of purchasing either undeveloped land or a building which they intend to renovate and either rent or convert to condominiums and sell. As such, if you are into real estate development, you want to make sure that you know the current legal uses of said property and whether you would be able to legally develop the property as you wish.

In order to make sure you know what you are buying, its legal uses and the potential financing of said purchase, the best thing you can do is hire a real estate attorney. A real estate attorney will generally have the knowledge and the experience to be able to guide you when you are trying to make important decisions in regards to a piece of property or land. They will also be able to create the legal entity, such as a corporation or limited liability company, by which you will take title to this property. These legal entities are often beneficial to real estate developers in so far as they limit to different degrees the potential legal liability of the real estate developer.

A real estate attorney has the knowledge to be able to prepare and review purchase agreements, lender closing documents, including but not limited to, the Promissory Note and Mortgage. As such, an experienced real estate attorney will know how to handle any issues that come up in the course of this transaction. If you end up not knowing what to do in a certain situation, your best recourse would likely be to contact a local real estate attorney in order to get good advice.

If you are a real estate developer and you feel that you could use the help of a greater Boston Metropolitan Real Estate Attorney, you should consider contacting Attorney Joseph A. Lopisi.

Attorney Lopisi has the legal expertise and experience to be able to help you with anything you would possibly need from a Real Estate Attorney in the greater Boston metropolitan area, including Boston, Cambridge and Arlington.

residential home Selling one’s home is a complicated and very emotional process. There are so many factors to take into consideration that it can be very hard to be successful without safety nets and definitive plans to follow. Luckily, there are many ways to set up these safety nets and plans in order to help sell your home in the current market and turn a decent profit. One of the most important fail-safes that help protect the homeowner who is selling his home are real estate attorneys.

When you are selling your home, it is important to make sure all of your legal bases are covered. Both the Offer and the Purchase and Sale Agreement are legally binding contracts. Consequently, it is imperative that you know and understand the terms of each of these legally binding contracts. Attorney Joseph A. Lopisi will explain the terms of each of these contracts and answer any legal questions you have before signing these contracts. His legal counsel has helped protect the legal interests of many sellers of residential homes in the greater Boston metropolitan area.

Selling one’s home without any potential legal issues arising is of paramount interest to Attorney Lopisi . In such fragile times, it can be a relief to have a safeguard to protect you from any legal trouble that may happen or to prevent big mistakes from ending up in costly lawsuits and court fees. This is why if you are selling your home, then turning to an attorney for consultation and legal representation is a smart move.

If you are someone who is looking for a Real Estate Attorney in the greater Boston metropolitan area, including Boston, Cambridge and Arlington, Attorney Joseph A. Lopisi is the attorney you need on your side.

Contact us today!

for sale by owner Selling a home without a real estate agent has become very popular. After all, it keeps much more money in the pockets of a seller if he or she decides to go it alone. One of the major mistakes that happen when selling your home without the assistance of a real estate broker is forgetting to work with a Cambridge/Arlington Real Estate Attorney. While you may be able to market and sell your home by yourself, it’s important to remember that a good real estate lawyer does much more than prepare and finalize the contracts necessary to sell your home. After discussing a bit about what a real estate lawyer does, you might better understand why you need to work with a good Cambridge Real Estate Attorney.

First and foremost, a good real estate lawyer will make sure that you understand all of the terms of the contracts, including the Offer, you need to validly sell a home. While it’s true that you can get basic forms online, sticking with the boilerplate can be disastrous. An experienced real estate attorney will revise the boilerplate to protect your interests and add many additional provisions that are not covered by the standard boilerplate forms.

Real estate attorneys work on a regular basis with real estate brokers during the course of their legal practice. Consequently, your real estate attorney will provide you with the advice that a real estate broker would have provided you with if you had listed your property with a real estate broker to sell. This practical advice is invaluable when selling your home on your own. Your attorney will help set up the important parts of your home sale process. From advising you on what not to say to prospective buyers to explaining the lender seller closing documents, they facilitate all aspects of selling a home about which most sellers have little knowledge. They are also available to help limit any potential liability of sellers in the process of selling one’s home without the assistance of a real estate broker. If you want to be sure your sale goes through smoothly and without any legal issues, you need a lawyer’s help.

A Real Estate Attorney in the greater Boston metropolitan area, including Boston, Cambridge and Arlington brings you not just a great deal of expertise, but also peace of mind. With an attorney’s help, you can make sure that every aspect of your transaction is by the book and that it won’t come back to haunt you later down the road.

If you are selling a home on your own, make sure to contact Attorney Joseph A. Lopisi for help. You deserve the expertise a good real estate lawyer can bring to the sale of your home.