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Old 06-06-2018, 09:28 AM
 
9 posts, read 2,149 times
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Hello everyone, this is my first time posting

I need some help/advice, i'm less than a month away from closing on a house in Nassau county Town of north hempstead

during the title search they found 2 open/expired permits, it was for oil-gas conversion, one permit for the work and 1 permit for the gas line installation

Would this issue delay my closing since we are rate locked until June 29th?

Not sure what my options are here as a buyer, any help would be great

thanks!
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Old 06-06-2018, 09:45 AM
 
Location: Kings Park & Jamesport
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Speak to your attorney, have escrow money established and held until the permits are closed out.
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Old 06-06-2018, 09:56 AM
 
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Quote:
Originally Posted by Kbinspections View Post
Speak to your attorney, have escrow money established and held until the permits are closed out.
We did this for a garage. Everything was finished about a month after we closed. We did need to be available to give access to the area for the inspections.

With the conversion make sure it lists all appliances that are using gas such as a dryer.
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Old 06-06-2018, 10:13 AM
 
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Originally Posted by BGlove View Post
We did this for a garage. Everything was finished about a month after we closed. We did need to be available to give access to the area for the inspections.

With the conversion make sure it lists all appliances that are using gas such as a dryer.

Thanks for the quick replys

so we can close and just hold money in escrow to cover the permit costs until the sellers take care of it?

would the title company give me title insurance with the open permit

I will speak to my attorney soon, i'm getting some ideas here first
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Old 06-06-2018, 10:32 AM
 
Location: Kings Park & Jamesport
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Yes......fairly common thing to do. Sellers of course will not like this idea. This should push them to get the permits closed quickly. The other issue is how much to put in escrow. You attorney should negotiate this for you.
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Old 06-06-2018, 10:58 AM
 
9 posts, read 2,149 times
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Quote:
Originally Posted by Kbinspections View Post
Yes......fairly common thing to do. Sellers of course will not like this idea. This should push them to get the permits closed quickly. The other issue is how much to put in escrow. You attorney should negotiate this for you.
ok got it

another question, when closing out expired permit, they probably need to come to the basement. The first half of the basement where the gas and central AC units is unfinished and the other half is semi finished, clip on laminate flooring and such type finishing on that side of the basement. Should i be concerned the inspector might consider it a finished basement? also do taxes go up for oil to gas conversion permits?
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Old 06-06-2018, 11:14 AM
 
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When money is entered into escrow, isn't it then the responsibility of the buyer to close out the permits after closing? If you want seller to close out the permits, it will have to be done before the closing. Can someone confirm?
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Old 06-06-2018, 12:11 PM
 
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Originally Posted by TMing View Post
When money is entered into escrow, isn't it then the responsibility of the buyer to close out the permits after closing? If you want seller to close out the permits, it will have to be done before the closing. Can someone confirm?
Our sellers were responsible for closing the permits. We did need to be available to access the area since we were not giving anyone a key. Money was held in escrow and only released after we okd that we got the paperwork.

I have read some lawyers advise against escrow for major permits until after closing so best to discuss with your attorney.
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Old 06-06-2018, 12:52 PM
 
Location: under the beautiful Carolina blue
15,767 posts, read 24,037,020 times
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Originally Posted by joex420 View Post
Thanks for the quick replys

so we can close and just hold money in escrow to cover the permit costs until the sellers take care of it?

t
That's entirely up to your lender, and nobody else. If they want the permit closed before closing, it has to be done.

This one isn't major so hopefully it slides past.
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Old 06-06-2018, 03:04 PM
 
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I agree with twingles. it's up to you and the lender. The lender could theoretically go forward with the open permits, but then they become your responsibility. So it's up to you. You're attorney will probably advise against it. I guess the worse case scenario is another hard inquiry, and possibly a slightly higher mortgage rate.
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