1. INVESTMENT PROPERTY PURCHASE AND SALES

2. CONDO CONVERSION What is the process?

3. WHO IS INVOLVED? Who is involved in the process of condo conversion?

4. OUR FIRM Master Deed Declaration of Trust Rules and Regulations Unit Deeds Limited Warranty, if any 6(d) Certificate Tax Letter Agreement Representation for the owner in the sale of each unit. PREPARE REPRESENT

5. ENGINEER

6. ARCHITECT

7. SOMERVILLE: CONDO REVIEW BOARD The Board is responsible for conducting hearings and for surveying and updating information concerning rental units in the City. The Condominium Review Board is comprised of five members: two home owners; two tenants; and one elderly, handicapped or low or moderate income Somerville resident (chosen by the Mayor and confirmed by the Board of Aldermen).

8. SOMERVILLE: CONDO REVIEW BOARD PERMITS REQUIRED PERMITS REQUIRED FOR: the conversion of rental units to condominiums the sale of a condominium unit, which has most recently been a rental unit. If the unit being converted to condominium use has never been rented, a Certificate of Exemption is issued.

9. FIGURE OUT YOUR TIMING TIMING TO DRAW UP PLANS TIMING TO PREPARE DOCUMENTS ABOUT ONE MONTHABOUT ONE TO TWO WEEKS

10. THINGS TO REMEMBER… documents should not go to record until after the units are under agreement as the buyer’s counsels may want to review and make changes to them. 1 2 Documents should not go to record until after the units are under agreement as the buyer’s counsels may want to review and make changes to them. Avoid costs for any Amendments, if possible.

11. COST FOR PLANS    CLOSING COST SELLER REPRESENTATION COST RECORDING COST DOCUMENT PREPARATION COST COST FOR DOCUMENT

12. TO “TRUST” OR NOT TO “TRUST” TYPES OF TRUSTS INCLUDE.... 1 2 3 REALTY TRUST IRREVOCABLE TRUST REVOCABLE TRUST

13. TO “TRUST” OR NOT TO “TRUST” CREDITOR PROTECTION ESTATE PLANNING

14. CREATING FLEXABILTY FOR THE SELLER WHEN BUYING A HOME SUBJECT TO SUITABLE HOUSING

15. CREATING FLEXABILTY FOR THE SELLER WHEN BUYING A HOME EFFECTIVE EMPLOYMENT OF USE AND OCCUPANCY AGREEMENTS

16. FLEXIABLE CLOSE DATE What is it and how does it work? How can it help me? What are the terms? Who decides the terms? Will I be forced to close if I can’t find suitable housing?

17. COMMITMENT DATES WHEN BUYING AND SELLING Why are these dates important? Who should obtain their commitment first? My buyer or seller? Why? What if the buyer needs a mortgage commitment extension?

18. YOUR EXPERT REAL ESTATE COUNSEL OFFICES IN MILFORD & BOSTON ALI ALAVI T: (877) 552-2529 F: (877) 318-3192 C: (508) 400-6162 aalavi@alavibraza.com MILFORD OFFICE 284 Main Street Milford, MA 01757 BOSTON OFFICE 20 Park Plaza, Suite 454 Boston, MA 02116