Risks of Buying Condo without Permits for Prior Renovations

It turns out that, without obtaining permits, the Sellers of a condo that I have been negotiating to buy closed off the cathedral ceiling over the living room / dining room and created a sleeping loft / storage area.  What are the risks of buying the condo under these circumstances?  I am advised that it is possible the DOB can issue a violation and assess fines for the illegal work and order the loft removed.  Is there a way to have this construction approved by DOB after the fact?  I have to decide quickly whether to proceed with the purchase or walk away.

CGar

in Permits 13 years and 2 months ago

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mike-the-expeditor | 13 years and 2 months ago

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Unless the seller is prepared to legalize the work (either by doing it themselves or putting money in escrow) I would walk away. Even if you negotiated a lower price, there’s no way you could be assured that it could be legalized.