Legal Question in Real Estate Law in Massachusetts

We own a 25 percent share of 2 multi-family properties. Ca we legally give up our 25 percent ang gift it to anyone we choose?

Asked on 3/23/14, 8:34 am

2 Answers from Attorneys

If your ownership is by Tenants in Common and there is not legal agreement prohibiting it, you can do so.

If there is a Mortgage on the property, you will probably need permission of the bank,

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Answered on 3/23/14, 3:52 pm
Christopher Vaughn-Martel Charles River Law Partners, LLC

Thank you for your question.

I would strongly advise that you discuss your plans with a real estate attorney, as well as your co-owners, before making such a transfer. There are certain circumstances in which a transfer could potentially harm you, including but not limited to circumstances where you have a loan on the property, where you are transferring your interest to avoid a creditor or judgment, etc.

If you would like to schedule a consult to discuss your plans and the potential consequences, please give our office a call.

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Answered on 3/24/14, 9:03 am

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