buying a house without a Cof O
hi all, we are looking into buying a small brownstone and our laywer just told us that the building does not have a C of O. it that a problem? how do we get one? will the bank close the deal without C of O? how a bout a LNO?
hi all,
we are looking into buying a small brownstone and our laywer just told us that the building does not have a C of O. it that a problem? how do we get one? will the bank close the deal without C of O? how a bout a LNO?
Buildings built prior to November 1 1938 without subsequent alterations do not need a c. of o. and you can get a LNO instead. If built / altered afterwards then you will need to hire an architect / engineer to do plans and file it and signoff. If illegal conditions are prevalent then you may land in hot water.
When filing plans to obtain or Change a C of O, you will need an architect, not an attorney. Similarly, consultations with contractors don’t need to wait ’till you buy the place. I suggest you get to know a contractor and an architect you might like to work with by discussing a property you seriously want to purchase. What you learn in advance, could really help later.
true no c of o before 38 and title co will give a city boilerplate explanation lenders understand. what they wont understand is open violations with dob or hpd or open building permits or illegal uses like three kitchens in 2 family and if you need a hpd/dob inspection to close issues try to contain visit to specific area in question and clean up the obvious violations first in case he gets nosy. then you go through it again with the appraiser who may require more work. often you can get seller to fix things or give credit for closing costs if you take care of them but make sure youre covered for costs if you cant close.
Advice above is mostly correct. But, your attorney should be helping you–that’s why you are paying him.
Good luck.
I do not think you will have a problem with the bank. If you renovate and keep it more or less as is, the try and get the LNO otherwise you will have to create the C of O if you are changing things substantially.
Hi there, you should be fine the only problem i see is if say for instance its being used as a two family but legally its a one family many time this happends with pld properties that do not have c/o’s i suggest a tiltle search also an independent search in dob to established the legal use of this property
Good luck
I can do this loan without a CO
Vanessa Thatcher
ATLANTIC HOME CAPITAL
Tel: 631-687-3510 x106
EFax: 631-918-5222
Cell: 631-672-4113
Many houses built before a certain year (I beleive 1938) do not have a C of O.