Edward W. (Peter) Vincent Jr. of Edgartown has offered to resign from the practice of law, according to an affidavit he has filed with the board that recommends lawyer discipline in Massachusetts.

The resignation request was filed Friday with the Massachusetts Board of Bar Overseers and if accepted would mean Mr. Vincent would be barred from practicing law for at least eight years, said Bar Counsel Constance V. Vecchione, whose office investigates lawyer misconduct.

A resignation offer is accepted in the vast majority of cases, officials said. The practical effect is the same as disbarment, the most severe penalty available, which also prohibits reinstatement for at least eight years.

Mr. Vincent, who was admitted to the Massachusetts bar in 1977, is a longtime local businessman and community leader who has served on several town and Island boards.

Last Nov. 4, he admitted to sufficient facts on two charges of larceny over $250, stemming from two real estate transactions he handled. A judge ordered that he serve 100 hours of community service and be placed on probation for two years.

He had been charged with withholding about $190,000 owed a seller in one real estate transaction, and $400,000 owed a buyer and lender in a second transaction. Shortly after he was criminally charged in April, he made restitution to the parties.

In a signed affidavit offering to resign, Mr. Vincent said, “I do not wish to contest any bar discipline now pending, and I understand that a judgment for my disbarment would likely result if the matters were litigated.”

The Board of Bar Overseers will review the request at its meeting next month and make a recommendation to the Supreme Judicial Court, said Michael Fredrickson, the board’s general counsel.