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06.01.08, 07:14 AM New York City
8 replies
the home we're interested in doesn't have a certificate of occupancy. what does this mean? [ Reply | Watch | Flag ]
New York City 06.01.08, 07:14 AM Flag
 

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may be hard to get financing. if you are selling your current place and making a profit, may have to pay capital gains since not moving to a legal residence. if thesea ren't factors, fine. talk to a lawyer. also find out what plans are for getting a c of o. is this an apt or home? [ Reply | More
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General Topics 06.01.08, 07:15 AM Flag
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it's a two-family home. the seller wants it purchased "as-is". i'm not comfortable with that but we like this house a lot. are we allowed to get an inspection done before going into contract?? [ Reply | More
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General Topics 06.01.08, 07:20 AM Flag
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of course you can get an inspection. but as someone who has bought without a c of o, i would seriously caution you against this. total pita to obtain-no wonder they are selling as is. you will likely have trouble getting financing-we had amazing credit, hugh downpayment (only had to borrow 30%) good jobs and had trouble because of c of o. it also hurts resale value-don't fall in love with house. our lawyer was doug panero of rabin and panero in white plains, and he was great, knwos his stuff here. make sure you get a really good lawyer, and seriously do not fall in love with house unless you are comfortable with other crap that goes along with getting c of o [ Reply | More
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General Topics 06.01.08, 07:23 AM Flag
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thank you so much for the referral and your input. i really appreciate it. perhaps we can throw it out there - if they don't get the c of o, no deal and hope for the best... [ Reply | More
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General Topics 06.01.08, 07:39 AM Flag
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NP: It's really hard not to fall in love with house (you really can!) but being practical will save you much pain in the long run. [ Reply | More
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General Topics 06.01.08, 07:41 AM Flag
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OP: i hear ya and i totally appreciate the help here. There's a part of me that was saying, I want this house no matter what but after reading up on the C of O thing and the responses here, I realize this is going to be a PITA.... [ Reply | More
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General Topics 06.01.08, 07:45 AM Flag
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You MUST get an inspection done by law. The "as is" and lack of certificate of occupancy make a red flag go up for me. I'd think very hard before doing this. At least make sure you have a great building inspector, one independently found. [ Reply | More
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General Topics 06.01.08, 07:27 AM Flag
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ok. yes, i am in the works of finding an inspector to take a look. at least if we know what the problems are - we can assess better...but c of o thing also bothers me - thank you for confirming my thoughts!! :) [ Reply | More
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General Topics 06.01.08, 07:40 AM Flag
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