When do you find out if there is a CO holdup that would stop closing?
I have a sneaking suspicion that my house doesn't have all the necessary COs.. everything is trucking along fine, the title is back, and I havent heard about the COs yet.
I'm thinking maybe it's not an issue, or I just havent gotten that far yet.
Is it the bank that needs all COs fulfilled in order to issue the loan? I'm confused as to where the COs fit into the whole process..
TIA
MrsJ
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Re: CO problem?
The c/o should have been checked when the title co. ran the title report. A survey or survey inspection is done by the title co and they make sure you have all the necessary c/os for the dwelling, any decks, extensions, etc. If your title came back clean there shouldnt be any problem. Call your attorney and he/she can confirm for you.
Jmg11
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Re: CO problem?
the broker should also know...I had a problem with lack of Co's and it delayed my closing 2 months!!!!
skew
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Re: CO problem?
why not go to town hall and have them verified?
BlazeSyth
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Re: CO problem?
Posted by skew
why not go to town hall and have them verified?
Yeah, we did that - and thats why I think we have a problem!
thiadora
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Re: CO problem?
Posted by kelleherkm
The c/o should have been checked when the title co. ran the title report. A survey or survey inspection is done by the title co and they make sure you have all the necessary c/os for the dwelling, any decks, extensions, etc. If your title came back clean there shouldnt be any problem. Call your attorney and he/she can confirm for you.
The title company is only providing the co search for informational purposes (for the use of the buyer atty, seller atty and bank atty). They don't actually review the co's to determine that they are all in place. The title company is only insuring the ownership (title) to the land, not the buildings located upon it. Therefore, you can receive a 'clean' title report and still have co issues or violation issues.
The bank and the buyer's attorney are the ones that would raise issue regarding a co. The look at the co's once the title company circulates the survey reading and inspection.
thiadora
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Re: CO problem?
Is there a survey yet? (That's when everyone looks at the co's)
If you have any concerns, call and s/w your attorney and let him/her know. S/he can let you know that status of the situation.
MrsJ
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Re: CO problem?
Posted by thiadora
Posted by kelleherkm
The c/o should have been checked when the title co. ran the title report. A survey or survey inspection is done by the title co and they make sure you have all the necessary c/os for the dwelling, any decks, extensions, etc. If your title came back clean there shouldnt be any problem. Call your attorney and he/she can confirm for you.
The title company is only providing the co search for informational purposes (for the use of the buyer atty, seller atty and bank atty). They don't actually review the co's to determine that they are all in place. The title company is only insuring the ownership (title) to the land, not the buildings located upon it. Therefore, you can receive a 'clean' title report and still have co issues or violation issues.
The bank and the buyer's attorney are the ones that would raise issue regarding a co. The look at the co's once the title company circulates the survey reading and inspection.
I know, see my original post - you said exactly what I said about the survey and/or survey inspection.
thiadora
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Re: CO problem?
Posted by kelleherkm
I know, see my original post - you said exactly what I said about the survey and/or survey inspection.
Sorry if I mis-interpreted. When I read the word 'they' I thought you were referring to the title company. I didn't want people to think that the title company anylizes the co, because they don't.
BlazeSyth
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Re: CO problem?
Posted by thiadora
Posted by kelleherkm
I know, see my original post - you said exactly what I said about the survey and/or survey inspection.
Sorry if I mis-interpreted. When I read the word 'they' I thought you were referring to the title company. I didn't want people to think that the title company anylizes the co, because they don't.
So the 'survey' people are the ones that deal with the COs, etc?
Hmm.. I've heard nothing about a survey being done. I have a call into the lawyer.
MrsJ
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Re: CO problem?
Posted by BlazeSyth
Posted by thiadora
Posted by kelleherkm
I know, see my original post - you said exactly what I said about the survey and/or survey inspection.
Sorry if I mis-interpreted. When I read the word 'they' I thought you were referring to the title company. I didn't want people to think that the title company anylizes the co, because they don't.
So the 'survey' people are the ones that deal with the COs, etc?
Hmm.. I've heard nothing about a survey being done. I have a call into the lawyer.
Yes if the existing survey for the house is too old they will have to either do a survey inspection or a new survey. Your atty will be able to help you. Most attys who do RE closings have people who work in the their office who handle all necessary stuff for your mortgage/closing - that's what I used to do. They can def help you. If they cant for some reason, go to your lender and they will be able to help you.
