Condo Rules In Massachusetts
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This section provides that all unit owners own an undivided interest in the common areas. The inium form of ownership combines title in specific units with an undivided interest—with other owners—in the common areas.
Massachusetts Recorded Document Search - Visit your county recorder's office to find HOA documents, like CC&Rs, Amendments, Bylaws, HOA Notices, Subdivision Maps, Plats, Recorded Land Surveys, Deeds, Deeds of Trust, Liens, and Judgments. Search under the subdivision or community name.
What Are My Rights as a Condo Owner? As a condo owner, you have the right to use your unit as provided in the master deed – if it's a residential inium unit – in a way that allows you to maintain a reasonable standard of living as required by Massachusetts health, safety and building laws.
The state administrative code requires the co-owners' association to maintain a reserve fund which, at a minimum, shall be equal to 10% of the association's current annual budget on a noncumulative basis. The funds shall only be used for major repairs and replacement of common elements.
The state condo law provides that in most situations a landlord who wants to convert their rental units to iniums or a cooperative must provide every tenant with the following protections: Proper notice of any condo conversion eviction, The right of "first refusal" to buy the apartment, Rent protections, and.
Massachusetts General Laws chapter 183, section 61 governs the payment of interest on tax escrow accounts by a mortgagee. It is only applicable to real estate tax escrow accounts and does not apply to escrow accounts for insurance premiums.
