1920 building – No C of O needed?

Categories: C of O

We just had an offer accepted on a condo in a 1920 building (8 units) that was completely gut renovated.

The seller’s agent says that because the building is so old, they don’t need a C of O. That’s nice but if the bank requires one in order to close, then the seller won’t get paid.

I read up online a bit and the DOB website says…

“Buildings built prior to 1938 that have had no changes made to its occupancy nor egress since then do not have a CO number.” http://www.nyc.gov/html/dob/html/bis/faq.shtml

From what I can tell and understand, no additions were made and it is still a residential building, but the insides have all been replaced.

Further online research reveals that banks sometimes accept a “letter of no objection” in cases where there is no C of O. http://www.aspagroup.com/tips.asp

I’m checking with the mortgage broker and our lawyer but wanted to see what others out there know about this.

Do we need the C of O to close? Or is this a normal situation? Any other info?

By guest | 10/09/2007 1:00 PM