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October 23, 2007
What's the process between a temporary C of O and a permanent one?
I'm in the middle of negotiating a contract and the seller is desperate to just be done with the whole thing. They are getting a temporary C of O, and while I would prefer a permanent one, I'm wondering what's in between the two that can cause me great pain and unhappiness.
Yes, I've heard that you don't buy a half-fixed car, but these people are totally willing to work with me, even give me a price discount for taking this on, so I'm wondering what I'm possibly up against. Both best and worst case scenario...Thanks!
Comments
Most lenders will NOT close without a C of O. Some will close with a TEMP C of O but require some of the purchase money put in escrow until the PERM C of O is obtained.
I am unsure what city hall voodoo happens in between the TEMP and PERM.
Posted by: bmfesq at October 23, 2007 12:07 PM
most likely there's other work happening in the building that is preventing getting a permanent c of o. the temp one has to be renewed every 6 mos i believe. if it ever lapses, you could get a violation from the department of buildings. in which case, if you are the Owner then, it will be your responsibility.
Posted by: guest at October 23, 2007 1:49 PM
Don't do it! We did this and it took us over six months to close on our limestone. In the meantime, we had to move out of our rental and ended up living in an underground studio (because we have a dog) while we waited. Our lender would not close with a temporary C of O and there is no way to speed up the DOB. Plus you are losing interest on your deposit while they have your money and you wait. (unless this is in your contract)
Posted by: CrownGardener at October 24, 2007 3:34 PM
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