Home » Forums » Massachusetts Law » MA Real Estate Law Questions and Answers

Affordable LIP Housing

Submitted by Anonymous on Thu, 08/25/2011 - 22:53
Posted in

I purchased an Affordable home 20 years ago under the LIP of Massachusetts. I agreed in a deed rider to sell the property back to another at a reduced rate if I sell. Does that agreement ever expire? and why?

‹ What damage is covered by home owner's insurance? neighbor paved part of my land and also parks boat near my tenants window ›

Local initiative program restrictions

Submitted by The Editor on Fri, 08/26/2011 - 08:26.

You will need to look at your LIP Rider to determine when, if ever, the limitations cease to apply to your property.  You can also take a look at Massachusetts General Laws Chapter 184, Sections 31 and 32.  Under the model LIP Regulatory Agreement and Deed Rider, the affordability provision is said to remain in perpetuity.  If you cannot find your answer, ask a MA real estate attorney to have a look.  If your believe your deed is not permanently restricted, it might be worth paying an attorney for a couple of hours of her time.  Good luck.

 

Affordable housing

Submitted by sameguy on Fri, 08/26/2011 - 09:51.

My Deed rider on an Affordable Housing LIP property, says it runs with the property for the shortest of

a) 30 years
b) recording of a compliance certificate

What is a compliance certificate???

Also, what is expiring use???

Talk to a Lawyer Today
Find a Real Estate Attorney in your County
Most offer FREE Consultations