Modern Real Estate Law

Ownership Rights in real property are traditionally called the "bundle of rights." Most basic of these rights are possession, quiet enjoyment, control and disposition. One who owns property has the right to possess, occupy, enjoy it without undue interference, and exert control over it. A property owner can sell or lease all or part of his/her property on, over, and under the ground, subject to some limitations. Rights affecting the physical land itself are Corporeal. For example, an owner can make certain uses of the land: dig, farm, forest, build. Interests in land that are not tangible and may not be apparent are Incorporeal. For example, an owner may grant others the right to use the land through easements or licenses. Limitations on property rights include eminent domain (power of government to take land for public purposes), the police power of the state (remember the building inspector and zoning by-laws?), taxation (should you apply for that abatement?), and escheat (die without heirs or a will, your property title can revert to the state).

Protect and maximize your rights. If you are buying, selling or leasing residential or commercial property, consider getting legal advice on the contracts before you sign. Do the contracts include terms and conditions which protect you and move the transaction along smoothly to conclusion? Are you buying/selling clear title or are there encumbrances such as old mortgages (there are still old Heritage Bank and Vanguard loans out there) or claims of heirs to be cleared? If you are married with a family and you have your own business or other substantial assets, you may want to hold title to your land differently than if you were widowed, retired, or elderly. Massachusetts landowners have choices about how to hold their title. Know your options so that you can choose wisely.

How can you protect and maximize your family's rights? In Massachusetts if you properly declare a Homestead in your principal residence you reserve rights against certain creditors (not the tax guys) for yourself, your spouse and your minor children ($100,000 if you are under 62 years old/ $200,000 over 62). If you are elderly or ill and you want to pass your land interests to your family soon, but with least hassle and most protection for yourself, you should learn about options including trusts, or deeds which retain a life estate for yourself. If you are young you can devise a flexible plan for your assets including real estate that can change as you age.

Do well by doing good. Conservation and preservation easements, including agricultural preservation restrictions (APR) and other transfers of development rights embody one of the fastest-growing and most creative areas of real estate law. A huge reservoir of organizations world-wide have interest and money to preserve land. Landowners can fashion well-tailored agreements for conservation that can preserve land for future generations, provide cash to the landowner, and save the landowner income taxes, municipal taxes, and estate taxes.