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08-06-2008, 01:37 PM
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Senior Member
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Join Date: Jun 2008
212 posts, read 147,449 times
Reputation: 63
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A C of O is NOT essential to sell your apartment, and many banks will lend against an apartment without the C of O (pehaps less so in the current credit market), but will probably require a larer down payment. Many buildings, particularly downtown that were converted lofts, have no C of O or have only a "temporary C of O" for years or decades. What is the hold up? All sorts of things. Some is the usual speed of the city, some have more basic problems (i.e., they were illegal residential conversions in the first place or are not in compliance with zoning rules).
The potential for this holding up your sale will depend upon what is holding up your C of O. If there are real problems that would be very expensive if not impossible to correct (fire code violations, inadequate electric/plumbing, zoning), there are not a lot of buyers that will take on those risks.
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08-07-2008, 03:13 PM
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Junior Member
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Join Date: Aug 2008
4 posts, read 5,027 times
Reputation: 12
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Hey, NYC Sport, we had a potential buyer, but their lawyer talked them out of buying. The lawyer saw the non-CO as a BIG issue. Meanwhile, we're in the clear on the biggies: structure, plumbing, electrical, etc. Our issues that we have to clear with DOB seem so insignificant, yet are taking FOREVER to rectify--like the one where we are supposed to move our fence back 3 feet, as we are supposedly on city property right now. What's crazy is that numerous other properties on our block that are even older than our 17-year old bldg. meet the city sidewalk in the same place as us. I dunno, it's very discouraging that DOB has this kind of hardball rule. I wish DOB could be more reasonable.
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08-08-2008, 09:00 PM
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I ♥ Affordable Housing - NYC Mod
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Join Date: May 2007
Location: "DA VERNE" aka Arverne, NY
2,881 posts, read 2,974,098 times
Reputation: 372
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Quote:
Originally Posted by egrualo
Hey, NYC Sport, we had a potential buyer, but their lawyer talked them out of buying. The lawyer saw the non-CO as a BIG issue. Meanwhile, we're in the clear on the biggies: structure, plumbing, electrical, etc. Our issues that we have to clear with DOB seem so insignificant, yet are taking FOREVER to rectify--like the one where we are supposed to move our fence back 3 feet, as we are supposedly on city property right now. What's crazy is that numerous other properties on our block that are even older than our 17-year old bldg. meet the city sidewalk in the same place as us. I dunno, it's very discouraging that DOB has this kind of hardball rule. I wish DOB could be more reasonable.
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the other properties are probably grandfathered in. since you're doing work, you have to comply.
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