Contract Deal Breaker?
We are in the process of purchasing a 2 family brownstone that has already been renovated. The seller’s attorney struck out the standard contract line item stating that the seller has to deliver a valid and subsisting C of O as a condition to close. There is a recent C of O on file (from…
We are in the process of purchasing a 2 family brownstone that has already been renovated. The seller’s attorney struck out the standard contract line item stating that the seller has to deliver a valid and subsisting C of O as a condition to close.
There is a recent C of O on file (from August 2010) that certifies the building as a 2 family. The seller’s lawyer insists that since it is public information and found online, it does not need to be included in the contract. OUR lawyer says that it’s strange they want to take it out. If it’s valid and recent, why not just keep it in the contract? Something seems fishy.
Does anyone have experience with this? From my understanding, if you plan to do a gut reno, it’s not as important to have the C of O since you will have to obtain all new permits, etc. But we are not doing major renovations – does it seem strange that they don’t want to include this in the contract? Our lawyer is advising us not to sign without this added back.
Any thoughts? THANKS!
Perhaps they’ve done work in the interim and the house no longer matches the C/O. check DOB website for any jobs, complaints, etc. since C/O issued. If everything checks out then you want to know from seller what the objection is. Why do they think having it in there hurts them such that they want the clause taken out? The answer to this question will be telling.
C of o stuff doesn’t just matter for your remodel but also for eventual resale. You might think this is your dream home now, but change your mind in 10 years. Then if something is wrong with the c of o, it will give you all kinds of headaches. I would think a thorough title search might ease your mind.
I would be worried that there had been some illegal work done since the C of O was issued. You could request an inspection to ensure that the building conforms with the C of O.
I’d listen to my own attorney before the sellers broker, that’s for sure.
The C of O that’s on the website is valid UNLESS permits were pulled (check the DOB website) to do work in any manner that would alter the existing C of O.
Bob Marvin is right. This is the case of lawers ego getting over your interests.
FWIW, if I’m right one of the lawyers will eventually blink, rather than kill the deal.
Bugleg – no, it’s not about getting a hard copy. Our attorney just wants the condition to remain stated in the contract even though it may already be fulfilled. Since the seller’s attorney wants to remove it, it makes us think that the term ‘valid’ might be the reason they want it out?
Bob Marvin – that is exactly what I’m afraid of. The seller’s broker has been calling trying to convince me that the attorney’s are just being stubborn and we should just sign. Obviously, he just wants to close the deal and move on, but I’m afraid if he’s right, we’ll lose out on buying our home!
Anyone have experience discovering their home’s C of O is invalid or fraudulent?
I’m confused. Your lawyer wants a physical C of O in addition to whatever is on file @ the DOB (in this case online)?
Why? Surely the document on file @ the DOB is controlling, so whatever document you are provided @ closing is irrelevant, no?