My jurisdiction is: Massachusetts
I live in a condominium said to be created by Master Deed in 1981, but said to be created in 2004 according to income tax records. The declarant held all units as rentals until 2004 when he began sales. I am trying to figure out if the condominium is validly created. These are some of the issues:
--The master Deed references 8 mortgages in existence and not paid off prior to or at filing. These were assumed once by the declarant as owner, and again as the condominium. They are based on the buildings and land together. Shouldn't there have been one mortgage per unit after legal creation? And a mortgage for common areas under the association name?
--The building and unit descriptions do not meet the state requirements for "as built".
--My building is said to be all electric, yet there is gas.
--Though 95% of units are sold and the declarant gave up control 2+ years ago, he is still the owner of record for a lot that is supposed to be part of the common area. What if he decides to mortgage it? Any ideas? Thanks.
I live in a condominium said to be created by Master Deed in 1981, but said to be created in 2004 according to income tax records. The declarant held all units as rentals until 2004 when he began sales. I am trying to figure out if the condominium is validly created. These are some of the issues:
--The master Deed references 8 mortgages in existence and not paid off prior to or at filing. These were assumed once by the declarant as owner, and again as the condominium. They are based on the buildings and land together. Shouldn't there have been one mortgage per unit after legal creation? And a mortgage for common areas under the association name?
--The building and unit descriptions do not meet the state requirements for "as built".
--My building is said to be all electric, yet there is gas.
--Though 95% of units are sold and the declarant gave up control 2+ years ago, he is still the owner of record for a lot that is supposed to be part of the common area. What if he decides to mortgage it? Any ideas? Thanks.
