If you’re in the market for a new home or another piece of real estate, understanding what your rights are as a potential buyer can help to protect you from unfair finances, and winding up with a property that’s not exactly what you thought it was going to be. At the law office of Deborah Gold-Alexander, Attorney at Law, we can answer all of your questions about buying property in Lynn. As you navigate the process, here are some important rights and information to keep in mind–
Whether you’re in the market to buy a piece of real estate in Revere, or are thinking about selling real estate, if you’re new to the experience you probably have numerous questions. Fortunately, our Revere real estate lawyer at the office of Deborah Gold-Alexander, Attorney at Law, is available to answer all of your real estate law questions. Consider the following FAQs our clients ask, and call our law office today if you need information about something not listed below–
The value of properties in Lynn is slowly increasing, making it a great time for those who cannot afford to–or do not want to–live in Boston to consider buying a condo in the nearby city. Indeed, as reported by Itemlive.com, the city of Lynn’s assessing department reported that condominium values increased by 8.3 percent in 2017, and that residential properties in general are appreciating at a very high rate.
Issues concerning small condominiums
A small condominium is usually one with two to four units. While there should be recorded condominium documents, it is common for small condominiums to not have a management company nor require monthly condominium fees to be paid. Instead, many times, the only ongoing cost of the condominium is the master insurance policy which may be due once a year. In this case, all parties can contribute their percentage share of the premium whether that is 25% or 50% as the case may be. The master insurance policy should be an “all in” policy that covers the units as well as the common areas but it is strongly recommended that each unit owner obtain his/her own insurance to cover the contents of the unit (furniture and furnishings) as well as the liability within the unit. These separate policies are usually inexpensive, maybe costing several hundred dollars per year per unit depending upon the contents and limits of liability.
When owners aren’t satisfied with their homeowners’ associations (HOAs), they may take action by filing a civil lawsuit against the HOA. At the law office of Deborah Gold-Alexander, Attorney at Law, our experienced lawyer has been advising HOA boards for over three decades, and can help you to understand the top reasons why lawsuits are filed, what you can do to mitigate legal actions, and what to do if a lawsuit is filed. Consider these six top reasons that HOAs get sued in Lynn: