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Updated over 6 years ago,

User Stats

2
Posts
1
Votes
John Lee
  • South Easton, MA
1
Votes |
2
Posts

Transferring Condo to a trust

John Lee
  • South Easton, MA
Posted

Hello BP community, 

I live in MA, and I am purchasing a second property in a same condominium.  The one that I currently own is rented out, and I'm looking to rent out the second condo when it is bought.  However, I got a notice from the condo management saying that they only allow one unit to be rented out.  Which is a deal breaker for me, because it was going to be an investment property.  I am already very close to closing this deal, and I just got this notice a couple of days ago.  

My question is, if I buy the second property and put it into a trust, does this rule apply to me?  I can own the first property that I own, but if the second property is owned by a trust, can both units be rented out given that they are owned by two different parties?

Thank you in advance, and please reach out to me if you have a solution to this.  Looking for a legal expert.  

John