News: Front Section

Condo unit plans

Whenever government simplifies things for the real estate community, we should be happy. On January 25th, legislation eliminated the requirement of Chapter 183A, Section 9, of a unit plan being recorded with the first unit deed for each condo unit of a condo. In my opinion this is good. The Mass. Condo Statute, Chapter 183A, requires that a full set of building plans be recorded with the master deed. There never has been a good reason to record unit plans in addition to building plans. This change applies to all condo unit deeds whether recorded prior to or after the effective date of this act. Of course, a unit plan can still be attached to the unit purchase and sale agreement in order to make clear what is being purchased. The requirement of having to record unit plans (in addition to building plans) was always a redundant requirement. It is interesting that Chapter 183A does not cover whether or not a site plan must be recorded. It would be helpful if the legislature amended Chapter 183A to state that a site plan is required and to specify what should be shown on the site plan. Deeded parking spaces and exclusive garden areas are things that clearly should be shown on a site plan. In a small condo a plot plan rather than an instrument survey should be sufficient. It would also be helpful to amend Chapter 183A to specify the extent that Land Court approval of a registered land condo is required. Chapter 183A is silent on this, although the Land Court requires that it approve all registered land condos. I have never understood why the Land Court has this authority given the silence of our condos statute on Land Court authority over registered land condos. Saul Feldman is a real estate attorney with Feldman & Feldman, PC, Boston.
MORE FROM Front Section
Front Section

McEvoy of The Conrad Group brokers $2.9 million sale of industrial building

Hingham, MA The Conrad Group  has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty

The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty

As healthcare facilities, often referred to as “Doc in a Box” clinics, increasingly move into traditional retail spaces, landlords are more frequently leasing to medical tenants. Unlike standard retail or office leases, medical facilities come with a unique set of considerations that must be carefully addressed to ensure a successful tenancy.
It’s time to get creative with closed college campuses - by Christian Koulichkov

It’s time to get creative with closed college campuses - by Christian Koulichkov

Facing higher costs, shrinking enrollments, reduced state funding and severe demographic headwinds, many colleges and universities in New England and the Northeast are fighting for survival. The latest to lose the battle is the 150 + year old University of the Arts in
Newmark negotiates sale of  10 Liberty Sq. and 12 Post Office Sq.

Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.

Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.