Buying without a CO

Maybe the temporary c of o was renewed? There is no guarantee they will get the final signoff until they actually get it. There could be issues with fines, code violations or having to rip up something for inspections. There was a case of a Brooklyn condo a few years back that never got its c of o. Owners were living in the building but were unable to sell. Think of what that means for property value. One option is to specify in the contract that if the c of o isn’t in place in 90 (or whatever) days, the deal is off and you get your deposit back. If they don’t like that, move on. However, I personally would have nothing to do with this building. The lack of c of o shows the condo and/or the condo board is troubled. Your lawyer and the title company should also weigh in.

cate

in Dept. of Buildings (DOB) 3 years and 9 months ago

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msalerno | 3 years and 9 months ago

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Hello,

We are thinking about buying a condo that doesn’t have a CofO (and according to BIS the temporary CO lapsed a few years ago). We found a lender willing to lend to us, and other units in the building sold a few months ago and received mortgages. It’s a small self managed building at a great price with unique features that are a great fit for us. Our lawyer just finished due diligence and the condo board says they’re working on getting the TCO in the next 90 days.

What risks are involved? Based on the link below, could the city decide we’re no longer allowed to live there?

https://www1.nyc.gov/site/buildings/homeowner/certificate-of-occupancy.page

Thank you.