anybody know anything about real estate- i need help asap

antoinette Posted: May 07, 2003 10:46 AM

anybody know anything about real estate- i need help asap

well we've finally found a house that we really like and we just found out that the house has no cert of occupany for the very large entesion apartment that they made . We dont know what to do, if we go to get the co then the taxes will more than double and pretty much be unaffordable but if we have no co then we will be at risk if the town ever finds out. Can any one offer any advice???

sanmik Posted: May 07, 2003 10:55 AM

Re: anybody know anything about real estate- i need help asap

If you're getting a mortgage you will definitely need the CO. The surveyor will mark it. The only way to defer your cost is work on the selling price so when it's re-appraised for tax purposes you can base the taxes on the value of what you bought it. Can you remove the oven so it can be called an 'entertainment room' vs. an apartment?

StayandJohn Posted: May 07, 2003 10:55 AM

Re: anybody know anything about real estate- i need help asap

My FI is in Title Insurance and he would know about this, I can get the information for you, but he is in a closing right now, if you could wait about 2 hours I'll FM you with the info

curly2003 Posted: May 07, 2003 11:10 AM

Re: anybody know anything about real estate- i need help asap

Your lawyer will most likely NOT go to closing without the CO. We are waiting for a CO on a mere deck.

MarcellaBella Posted: May 07, 2003 11:55 AM

Re: anybody know anything about real estate- i need help asap

sanmik hit the nail right on the head..

Good luck hun!

smooch Posted: May 07, 2003 07:25 PM

Re: anybody know anything about real estate- i need help asap

unforunately i don't think there is any way around it. the bank (if you are getting a mortgage) won't let you close w/o a CO. nobody will let you close w/o the proper paperwork....

karen32 Posted: May 07, 2003 07:27 PM

Re: anybody know anything about real estate- i need help asap

there's really no way around it. the appraiser will most definitely figure it out. plus w/out a CO you may run into major problems when you try to sell.

missmmpr Posted: May 07, 2003 09:32 PM

Re: anybody know anything about real estate- i need help asap

I heard something like if you take the stove and dishwasher out of the room when someone comes to look you can get away with it.

drjenn10 Posted: May 07, 2003 09:47 PM

Re: anybody know anything about real estate- i need help asap

We are doing that with the hot tub in the house we are trying to buy. There is no CO and we will have it removed before the appraiser comes.

Fran M Posted: May 08, 2003 10:20 AM

Re: anybody know anything about real estate- i need help asap

We just went throught this with our house in Jan. Ultimately its up to the mortgage provider. I found a company that didnt care about CO's for things like decks. But I dont know about an extension, expecially one that houses an apartment.

Where is the house? In Nassau county we were told that it could take up to 6 months to get a CO and up to 13 months if we needed any variances. If you hire an expiditer it should take less time.