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Condomium Trust

I have owned my home since 1971 .. it started as a duplex then my sister sold her half and we became a condo we entered into a condo trust in 1984 with the new owners since then it has changed hands 3 times... I have had my own insurance for my property and common areas the whole time as the first owners did not pay after 8 years living there .. my question is the new owner wants to put a lien on my home as I will not pay his share of insurance can he do that and do we need to renew the Condomium Trust every new owner???

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Submitted Wed, 11/08/2017 - 06:50

You will need to obtain a master policy of insurance for the building. It is not enough that you each insure your own unit. What if a tree falls through the roof or the foundation cracks. Review your Master Deed/Declaration of Trust for what is required. If you would like to sit down and review them together and/or have some assistance in getting things squared away, please give our office a call. Christopher Vaughn-Martel, Esq. (617) 357-4898

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