Massachusetts General Laws ch. 183A sec. 3 – Nature of interest; sale or descent
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Section 3. Each unit together with its undivided interest in the common areas and facilities, whether or not such unit is built on owned or leased land shall constitute real estate, and may be the subject of demise, devise, gift, mortgage, ownership, possession, sale, trust, the laws of descent and distribution and all other rights incidental to the holding of real estate as if it were sole and entirely independent of the other units in the condominium of which it forms a part.
Terms Used In Massachusetts General Laws ch. 183A sec. 3
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.