Home Ownership
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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.
Taking the Guesswork Out of Choosing an Attorney
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‘Tis the Season . . . to Review Your Estate Plan: A New Year’s Resolution That’s Easy to Keep
A Never-ending Process – Here’s a Helpful Estate-planning Year-end Checklist
An Estate Plan is Only Four Documents Away
Capital Idea: Changes in the Law Greatly Benefit Those Selling Their Homes
Estate Planning 2013: Changes That May Affect You
Moving Forward with a Reverse Mortgage
Uncle Sam is Coming to Dinner – Act Now for Year-End Tax Planning
Dollars and Sense: Is This the Right Time to Refinance Your Mortgage?
Vacation? Establish an Estate Plan Before Your Trip
The Life Estate Deed – One Option for Protecting Your Home
Selling or Purchasing Real Estate: The Basics of the Purchase and Sale Agreement
Changed Ice and Snow Removal Laws: Property Owners Beware!
Taking the Guesswork out of Choosing an Attorney
Preserving Your Home – One of Your Most Valuable Assets
Deed with Life Estate: Understanding the Pros and Cons of This Handy Estate-planning Tool
Home Repair Following the Tornadoes: The Art of Finding a Contractor and Dealing with Your Insurer
Estate Planning – The Four Documents You Really Can’t Afford to be Without
What is Title Insurance? Why would you purchase a policy?
Steps to Successful Remodeling: How to Protect Yourself from Unsavory Contractors
Do You Need a Trust? – Perhaps to Your Surprise, the Answer Is Probably ‘Yes’
Taxing Situation – The Rules Are Changing for Condominium Unit Owners’ Organizations
Is an IDIOT Trust Ever a Smart Choice?
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Some Advice – on the House – A Primer on Real-estate Disclosures and After-sale Recourse
Dollars and Sense – How to Negotiate a Pre-foreclosure Workout Agreement
Forestalling Foreclosures – Is There a Solution to This Regional and National Problem?
Home Sweet Home – Reverse Mortgages Can Keep You from Becoming Institutionalized
Vacation Home Co-ownership – Proper Documentation Can Help Avoid Some Headaches
Some Advice – on the House – Deadly Sins of a Home Improvement Project
Fear and Loathing of the Punch List – Organization and Preparation Can Help Avoid Costly Disputes
Lien and Mean – How To Protect Your Property During a Construction Project
First Time Homebuyers’ Workshop, August 28, 2013