All Forum Posts by: Douglas Snook

Also the bankruptcy is an other wrinkle. What Chapter was filed? If it was a 13, perhaps the arrearage was paid and that is why BOA is deeding it back. 

Have you talked to someone claiming the own it and wants to sell it to you or are you just searching around?

Would definitely have a professional title exam done. They will point out any problems they see but you might need an attorney to explain it and what the possible solution is.

I see you are in MA. If that is correct and the rental property is in MA there are several programs out there that should be able to help her. However, my understanding is that not only does she need to apply and meet their qualifications, but you may need to start an eviction for her to have a paper trail to prove it to these agencies.

She should contact the local housing court for information about these programs now so she knows what is required of her. These programs will reach out to you as the landlord to verify rent etc.  so be prepared for that. 

But if you don't hear from any agency or her and it's January 1 and no rent, start the eviction process ASAP as it will take some time to work through the system. She will have another chance to apply for help from these programs. You do not want her to run up a big debt. COVID is over and these programs are back to limited money. I think the limit on one program is now only $7500 which doesn't cover a lot of rent.

I find it hard to believe this happened in Registered Land. They usually go over everything with a fine tooth comb before accepting anything for recording. Assuming that is the case. I don't know what an "S Complaint" is either.

It sounds like your attorney is on it though. Isn't there something in your P&S that would allow an extension so you can "clear" the title? Also if you have title insurance file a claim ASAP. They may be able to indemnify to the buyer's title insurance company to allow the closing to take place while all of this is "fixed" or "corrected" in the background.

Good luck!

Your client should not be paying both. Something is wrong here.

You could put it into an LLC now. But definitely look at the pre-nuptial agreement. The issue is you are not renting it out now. After your marriage are you planning on living in the condo together? That could be another issue. Are you planning to refinance the condo to buy a home for both of you after the wedding?

You can of course keep it under your name even after marriage BUT, at least in Mass, it may become a marital assets that would be subject to division in the event of a divorce.

In MA there is no landlord training required. Just buy the property and rent it out. BUT you should be prepared (whether MA or anywhere). MA is very tenant friendly. The law can be very strict on such things as security deposits and sanitary codes. The eviction process is a minefield if you are not careful. If you are planning on 4-5 rentals you want to know what you are doing or have a management company run it for you.

As far as the zoning, you really need to do some further investigation. It could be some kind of in law apartment (so it can only be rented to a relative) or it could be something that is grandfathered in so its OK or it could be an outright illegal apartment. Good luck trying to get anything rezoned before or after a purchase!

You should not have to register the LLC with Mass as long as you are not doing business here in Mass. That would include owning real estate in Mass. If you did end up doing business in MA then you register the LLC as a foreign LLC. There is a fee for that and then a yearly fee to stay current.

I am not sure how this would effect your taxes here in Mass. I am sure you would have to report any income you received from the out of state LLC as part of your personal taxes here in Mass (probably as some kind of disbursement. Not necessarily the income of the LLC itself

You would probably have to register the WY LLC in any state you did business in. Just like a lot of corporations are incorporated in Delaware.

It would be a lien against the real estate here in MA (I would think). Yes you would get notice of it, if it pre judgement (when the suit is first filed). The court would mark it for a hearing date before the judge as the judge would have to approve this type of attachment. The second type of judgment would be after the court case, if he won any money, he could have that judgment recorded at the registry as a lien against the property. Of course if you pay him the money, he would have to remove the lien.

This is just a general over view of the process.

Just a note about filing a "lien" here in MA. Generally he would have to sue you first and ask the court to put a lien on the property. You would get notice of this and have an opportunity to oppose the lien. The court may or may not grant it prejudgment. Then you would have a court case about what if anything you may owe him. If a court determined you owe him anything, you have the opportunity to pay the judgement which would remove the lien. If he did not get a pre-judgment lien and the court determined you owe him money, then he could record that judgment and get a lien that way.

Be VERY careful here in MA! Since you have indicated it is a condo, there is probably a separate meter for the electricity and maybe the heat so those can be in the tenants name. Water and sewer should be in the name of the condo, depending on the set up. If not, they are always in the name of the owner.

You must have a written lease that details what utilities the tenant is paying for. I do not believe you can have it in landlord names and then bill tenant on top of the rent (there may be an exception about the water/sewer if it is a single family home )