Legal Question in Real Estate Law in Massachusetts
Real Estate Trust, Co-op, condo or what?
My fiancee and I are beginning a search for a home in the Boston area. Both of us have decent professional jobs, good credit, etc. We are interested in looking at two-three family homes with a life long friend of mine who would take the other unit. He, too has a good professional job and good credit.
My question is what is the appropriate (or best) way to go about financing and developing a basic agreement or contract between us and my friend.
2 Answers from Attorneys
Re: Real Estate Trust, Co-op, condo or what?
Hi! I will be avalable to talk to you about this if you want to call me at 978 459 8359 to discuss whether joint tenancy is better for you or tenancy in common or something else. Thanks and i wish you well if i do not get to talk to you.
Re: Real Estate Trust, Co-op, condo or what?
You are smart to address this issue now. You and your life long friend should have separate lawyers. Your interests in putting the deal together are united but the arrangement you have should anticipate and provide for (in writing, ahead of time) the day when your interests diverge and conflict.
Real Estate Trust or condominium sound sensible but beneath them should be an explicit set of governing rules so that misunderstandings are provided for.
Most especially you should plan for the end game. One buy the other out? Valuation methods?
I believe your getting this straight now will save you heartache and $ later.
Charles W. Cobb
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