“I have referred real estate clients to Christopher Shannon for several years and my clients and I have always been pleased. Attorney Shannon is responsive and easy to work with. Attorney Shannon’s fees are fair, he returns calls and emails quickly, and he will make an extra effort to accommodate clients’ schedules by meeting with us in the evening or on weekends.
“Look no further!! I am a Real Estate Broker in the Brookline/Boston area and I have worked with Christopher Shannon on many successful transactions. Let’s face it, buying, selling and moving can be the most stressful process that anyone will ever go through……. Having Christopher Shannon in your corner ensures that this transition is going to run as smooth as possible. Chris really goes way “above and beyond” the level of service received from almost all attorneys I’ve met. He is always efficient, but pays close attention to details. He’ll really take the time to understand all the facts before deciding the best course of action for his clients. You can always expect a prompt return phone call or email and he seems to manage his bustling business with ease and confidence. The best thing about having Chris in your corner is his demeanor when dealing with his counterparts… opposing attorneys respect him, which in the end allows him to get whats in your best interest…..”
“We worked with Christopher Shannon on the purchase of our home in Brookline. The process was somewhat involved – since, as we were, literally, minutes from handing over the deposit we discovered evidence of a significant structural problem in the house, and had to extract ourselves from the purchase. Christopher was fabulous through the whole process: he explained our options, and gave us the information we needed clearly, and methodically (we were a bit frazzled – but Christopher definitely wasn’t). When we finally found our current home – he and his office helped us work through some fairly involved logistics related to closing and funds transfer (we were out of the country for the closing and Christopher and his team were fantastic). It felt very good to know that someone I could trust was taking care of the legal details – having a few less things to worry about kept me from going over the edge! I can also add that Christopher is a very nice guy!! What more could you ask for!!”
“I worked with Christopher on two transactions this year. The first was the purchase of a new house. The second was the sale of our existing house. Both transactions went extremely well due, in no small part, to Christopher’s experienced hand and calm demeanor. The result for each transactions was better than expected. Both processes were smooth. He and his team have the experience to deal with all of the issues associated with real estate. I would absolutely hire him again and would advise my friends to use him in their real estate deals. He is great to have in your corner as you head into one of life’s bigger transactions.”
A 1031 exchange is known as a like-kind exchange and can be an effective tool for those who have investment real estate. When selling investment real estate, most people face a significant tax burden. A like-kind exchange can significantly reduce or even eliminate this burden, by deferring a capital gains tax which might otherwise arise at the time of the sale of investment property.
The 1031 Exchange Rule
Property can only qualify for a like kind exchange if the taxpayer follows specific rules as laid out by the US tax code. Investment properties can only be exchanged for properties that are another investment. For example, you cannot trade a business property for a residential property unless the residential property is going to generate income. One or more rental condominiums can, though, be exchanged for a multi-family home. The second (and perhaps most often violated) rule for a 1031 exchange is how the proceeds of the sale are handled. For example, you cannot take the proceeds from one sale and buy or pay off another property you own. This type of transaction will result in all proceeds being taxable. And very important, neither the taxpayer nor his or her representatives (attorneys and accountants included) can handle the proceeds during the exchange. The funds must be handled by a qualified intermediary. [Read more...]
In an ongoing case, a management company prepared a check to a tenant who had recently vacated an apartment. The inspection of the unit disclosed no damages or defects. An assistant property manager mailed several such checks, but one of the security deposit checks was not sent. It was later discovered that the check in question had become attached to another file. The assistant realized the error approximately 1 week after the check was to be mailed and promptly mailed it to the former tenant. The check arrived 5 days after the 30 day deadline. The tenant hired an attorney who demanded 3x the security deposit plus legal fees due to the late receipt. Management company responded with an apology and an offer of 2 months which was rejected. The case will likely go to trial, the issue being whether the legislature intended for inadvertent mistakes on the part of employees of a landlord to require treble damages and legal fees.
A commercial client barred a neighbor from renting parking spaces on its property. The neighbor alleged ownership due to “adverse possession” claiming she had maintained sole control over the parking area in question for a period of 20 years. The case was tried before the Land Court. Due to careful preparation and detailed discovery, it was shown that the plaintiff could not have exercised control over the client’s parking area and a verdict for the client was issued.
Our client was riding a motorcycle in a rural road in W. Massachusetts when he was attacked by a large German Shepard dog. The attack caused the client to fall from his motorcycle and in so doing, his ankle and leg were broken. In addition the fall resulted in serious head trauma. A lawsuit was filed against the owner of the dog and the person with whom the owner left the animal unattended despite clear instructions to keep the dog in its designated enclosure or on a leash. After lengthy negotiations with the insurers for both the dog owner and dog caretaker, a six significant settlement ( in six figures) was reached on behalf of the client.
Our clients were aggrieved by a decision of the local Zoning Board of Appeals, granting a developer the right to relocate their previously deeded parking spaces. An appeal was filed with the Land Court. After negotiations, the developer granted the clients indoor garage spaces, in return for their ceding their previously deeded outdoor parking spaces.
Our client was named by his last surviving parent as the executor of her estate. Part of his duties as executor was to sell the family home and dispose of valuable antiques and art work. One of his siblings brought suit alleging that her brother the executor sold their mom’s house for less than fair value and failed to properly account for the personal property (including art work) in the home. The case went to trial in the local Probate Court. Due to detailed discovery, including the deposition of the plaintiff, numerous interviews with other siblings, the real estate broker who listed and marketed the property and the attorney who guided the executor through the probate court process, the plaintiff’s allegations were proven to be without merit. The Court rendered a verdict in favor of the defendant.