No C of O and subtractions from property

So I’m hopefully buying a little house in Midwood that was built in 1920\. It has no C of O and no real red flags in terms of additions. But it is on file with the city as having two structures, the house and the garage, but there is no garage. We’ve talked to a number of people, none of who seem worried, but our lawyer is VERY agitated about this and is talking to our mortgage broker. He thinks we won’t get financing because of this and we may have to put money in escrow to change the C of O. Any thoughts about property subtractions? Do I fire my lawyer? How can I get this property?

bexcellent

in Building Code 10 years and 9 months ago

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vthatcher | 10 years and 8 months ago

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I can finance this. Vanessa Thatcher Senior Loan Officer NMLS# 41404 http://brownstoner.staging.wpengine.com/vanessathatcher

mortgagepro | 10 years and 9 months ago

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Are you referring to the Building Classification? The Building Classification Code does not always match the current home. For example, there are B1 (two family) Building Classification Codes for homes being utilized as single family homes. This same Department of Finance Building Classification shows a building’s tax status, which may not be the same as the legal use of the structure. To determine the legal use of a structure, research the records of the Department of Buildings. If there is no CO for this address (i.e. predates issuance of CO’s) this is not a lending issue and whether or not a garage is present should be a non-issue. I would discuss in detail with your mortgage broker as if there is no CO (predates issuance of CO’s) there should be no conflict there and the Title report reflecting such should not be an issue with the lender. (If you have the title report make sure your mortgage broker has their lender fully review up front.) The appraiser is going to appraise as current and best use, so again no issue with the lender. Adam Roberts South Shore Mortgage NMLS#1310 631-956-0111 x218 adamr@southshoremortgage.com

jockdeboeraia | 10 years and 9 months ago

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You may end up having to do a filing to show that the garage was removed. If that happens, put it in the contract that the current owner will do so.