Purchasing a SRO - Obtaining CoO
I have recently placed an offer to purchase a SRO townhouse that has been converted to a two unit dwelling with an owner’s triplex and a 1-bedroom rental unit on the ground floor. The DOB does not have a certificate of occupancy on file and there are no permits on file for the work that…
I have recently placed an offer to purchase a SRO townhouse that has been converted to a two unit dwelling with an owner’s triplex and a 1-bedroom rental unit on the ground floor. The DOB does not have a certificate of occupancy on file and there are no permits on file for the work that was recently completed. I realize that there are a multitude of issues I will encounter due to the current status of the building, but my question relates to the difficulty in obtaining a CoO after title clears, assuming I am able to obtain financing. Apparently, the owner of the property has occupied the triplex for over three years and the ground level unit has remained vacant for about the same length of time. I plan on living in the triplex and renting out the ground floor unit, and don’t plan on doing any renovations in the near term – although this could change. Is a CoNH required in this instance before I can obtain a CoO? Has anyone gone through an experience similar to the one I have described? If so, could you please lend your thoughts on the challenges/costs that I might encounter in obtaining a CoO?
It is classified as a 2-family. Not sure how long it has been configured as such. Thanks for the input.
I meant what is the city taxing the property at currently? 1 fam, 2 fam, etc… If it’s been lived in for a while configured as 2 Fam and the city is taxing it as a 2 fam you may be able to swing it with a letter of no objection but you will have issues with opening permits. I’m hesitant to say I can do it but I have on a few occasions gotten them done this way.
Thanks for the comments everyone. The taxes are approximately $3,000.
You will need a CoNH, unless you can proof that nobody but the owner has lived in the building for more than 6 (?) years.
You will need a CoNH, unless you can proof that nobody but the owner has lived in the building for more than 6 (?) years.
What minard said. I would walk away.
The current owner performed illegal work and is living in the building illegally. You will be buying his problems along with the house. I think it is safe to assume you will have tremendous difficulty and expense obtaining a CofO.
What is the city taxing the property at right now?