Home Ownership

Buying, owning, and selling a home all require legal input from time to time. Whether it's closing on your first home, protecting it from judgments against you, transitioning it to your kids, selling, or another home-oriented issue, the homeownership life stage is the one where you are probably concerned about what is often your greatest asset.

Feel free to browse the information below and watch the videos, and please call one of our real estate attorneys with questions about your particular situation.

Borrower Representation

  • Construction Loans - If you're looking for an often short-term, interim loan for financing the cost of residential or commercial construction, rather than outlaying the entire principal amount of the loan at once, your lender can disburse the funds to you in accordance with a construction schedule as your project progresses. We can provide you thorough assistance to ensure that your construction project financing moves forward on the anticipated schedule.
  • Purchase Money Financing - This is when the seller of equipment (e.g. machine, device, or vehicle) provides the financing for the acquisition of the equipment to the purchaser and agrees to take back a lien on the equipment as collateral security for the financing. We can assist you in making certain that new equipment is financed expeditiously to avoid any interruption to your ongoing business operations and ensure your business' continuity.
  • Asset-Based Loans - This is a commercial loan secured by your company's 'personality' as well as its real property assets. In addition to the lender receiving a real property mortgage on real estate as collateral for the loan, the lender may also collateralize the loan by a lien on accounts receivable (A/R), inventory, and equipment. Often the amount of the loan is directly related to the value of the assets, as measured over a period of time, e.g. annually. We can demystify the complexities of asset based financing, and ensure that all borrowing requirements are clearly stated and understood.
  • Equipment Leases - By obtaining the use of machinery, vehicles, or other equipment on a rental basis versus purchase, you avoid the need to invest significant capital for a purchase. This prevents the need to invest capital in equipment. Ownership rests in the hands of the financial institution or leasing company, while your business has the actual use of the equipment. We can work with you to ensure that lease terms are commercially reasonable, agreeable, and provide for favorable terms and conditions.

Co-ownership of property

There are three principal types of ownership (tenancies) relative to real estate. The most familiar is what is known as "joint tenants". This means that if one person dies, the survivor owns all of the interest in the property. In a "tenancy in common", each owner of the property has an undivided interest in the whole of the property. In this type of tenancy, upon the death of any owner, his share will pass as directed by his will, or by intestacy if he does not have a valid will. A third, special form of ownership allowed in several states is what is known as a "tenancy by the entirety". In this case, only a husband and wife may own the property, and the property passes to the survivor.

Each type of ownership has advantages and disadvantages specific to your situation. Our lawyers can help you determine which suits you best.

Homestead declaration

In Massachusetts, homeowners and condominium owners may file a homestead declaration to protect $500,000 of equity in their property. It must be filed in the Registry of Deeds for the county in which the property is located. This document protects you from creditors or judgments against you in the event that you are sued. It does not, however, protect you against existing mortgages, long-term care claims for Medicaid payments by the Division of Medical Assistance, or existing claims or lawsuits. The Declaration of Homestead is a relatively straightforward document that is filed after being notarized. However, there are certain special situations that require attention, such as ownership of multiple residences. Our team of legal experts can help.

Property co-ownership

There are three principal types of ownership (tenancies) relative to real estate. The most familiar is what is known as "joint tenants". This means that if one person dies, the survivor owns all of the interest in the property. In a "tenancy in common", each owner of the property has an undivided interest in the whole of the property. In this type of tenancy, upon the death of any owner, his share will pass as directed by his will, or by intestacy if he does not have a valid will. A third, special form of ownership allowed in several states is what is known as a "tenancy by the entirety". In this case, only a husband and wife may own the property, and the property passes to the survivor.

Each type of ownership has advantages and disadvantages specific to your situation. Our lawyers can help you determine which suits you best.

Qualified personal residence trusts

You may have maintained a home, summer cottage, ski chalet, or similar property for family use. A qualified personal residence trust (QPRT) may accomplish your objective of maintaining this property after your death so that your children will be able to use it for future generations. The property will mostly have appreciated since you purchased it, and the QRPT may be utilized to reduce taxes upon passing the property to your children, so that they won't be forced to sell it.

Tenancy

There are three principal types of ownership (tenancies) relative to real estate. The most familiar is what is known as "joint tenants". This means that if one person dies, the survivor owns all of the interest in the property. In a "tenancy in common", each owner of the property has an undivided interest in the whole of the property. In this type of tenancy, upon the death of any owner, his share will pass as directed by his will, or by intestacy if he does not have a valid will. A third, special form of ownership allowed in several states is what is known as a "tenancy by the entirety". In this case, only a husband and wife may own the property, and the property passes to the survivor. Tenancy should not be taken for granted. A careful review of all deeds for a condominium, house, timeshare, or other real estate entity will ensure that the objectives of the ownership are accomplished. Each type of ownership has advantages and disadvantages specific to your situation. Our lawyers can help you determine which suits you best.

What People Are Saying...

  • “When I had my first will done several years ago, it was one page and no fine details. Then I met attorney Gina Barry, and a dozen pages later I have a perfect will. Gina’s knowledge and attention to detail is outstanding. I highly recommend using her for any type of estate planning.” -Debbie

    “I have had nothing but great results when Mike Katz has been doing work on my behalf. Mike is an excellent negotiator is a great communicator with the best interest of his clients as the top priority.” July 13, 2011

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  • “Hyman Darling and I have had mutual clients over the years. I continually network with attorneys, financial planners and CPAs as we each handle different aspects of clients' needs. I cannot count the number of times Hyman has been highly spoken of, and considered the "go-to-guy" for elder law planning. He is carries himself with utmost grace, and his expertise in the field is second to none. He is in high demand amongst attorneys who need the highest level of knowledge and understanding with particular cases. Hyman’s record speaks for itself.” December 6, 2010

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  • “I have known Gina Barry since 2003 when we met at a professional group BNI. Since then, I have hired her to work with my mother's estate as well as prepare my own will. I have found her integrity and expertise in her field second to none. Gina has the ability to carefully plan your life estate so you can rest assured, live your life without doubt!” December 21, 2008

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  • “From the first time I met Kevin he listened to my situation and discussed the possible scenarios that could take place. I decided, with his advice, and direction, a course of action that was comfortable for me. Kevin implemented the plan and informed me of changes through phone and email. Kevin was open to resolving the situation and was always looking out for my best interest. I would highly recommend Kevin as a litigation attorney.” January 7, 2009

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  • “Jeff provides our non-profit corporation with outstanding legal advice relating to the operation of a fiber optic network, cable TV PEG matters, community outreach, government relations, and non-profit regulations. He combines his comprehensive legal knowledge with experience-based advice on telecommunications and non-profit business operations to provide a 'one stop shop' for our company.” January 25, 2011

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  • Dear Gina (Barry),

    Thank you once again to you and your superb team for assisting me with the MassHealth situation. You truly continue to be a life saver for me… You keep me steady by responding with terrific legal and general health solutions, which are really very appreciated.

  • Stan

    Julie (Dialessi-Lafley,) thank you for everything yesterday. You are truly the best attorney ever

    Valerie