Boston real estate is always a hot topic, especially when it involves a celebrity. Boston area residents were abuzz this past week in the wake of an article speculating about where Shaquille O’Neal was buying a home.
I certainly can’t say whether Mr. O’Neal would want his new address splashed all over the Boston Herald, as it was last week, but many wealthy individuals–be they celebrities or affluent business people–prefer a lower profile. So how can they preserve a bit of privacy when they’re buying a home? While it’s certainly difficult to do, there are a few steps that can help afford home buyers a bit of privacy.
Insist on confidentiality agreements. While it’s hard to keep a high profile home purchase hush hush, buyers can require confidentiality clauses from their buyer’s agent and his/her office staff, and have that person gain the same assurances in writing from listing agents prior to home tours.
Establish a trust. Keep your name out of the public records with a real estate trust. “A trust owning real estate is not generally required to be recorded in the Registry of Deeds so that there is no public record of who the owner of the property is,” according to Steven J.J. Weisman, Esq. of Cambridge, MA. “The person managing the trust (trustee) and the beneficiary of the trust can take all income tax benefits, such as the tax deduction for mortgage interest and real estate taxes on his or her own income tax return.”
Choose home movers adept at “covert” moves. Home movers accustomed to handling celebrity moves employ methods to ensure their clients’ privacy. Some movers like NorthStar Moving have gone so far as to use decoy trucks to throw off the paparazzi when their handling the move of A-list stars.
[Photo courtesy of Doug Williams]