Home Buying in 07047>Question Details

Aniley, Home Buyer in 07093

When buying a fixer upper, how do you close the deal if co is required by municipality?

Asked by Aniley, 07093 Mon Apr 25, 2011

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Gerardo Viloria’s answer
if you are interested in buying a fixer upper ,you are going to have to sign a CO waiver with you attorney . Which means that you understand that you are closing without a CO and that you are responsible for it and anything that happens. After that you will get all the due permits with the municipality in order fix the property . After that when everything is done . you go to the municipality and apply for the CO.
1 vote Thank Flag Link Mon Apr 25, 2011

Look into a temporary CO which will allow you to close on the property and will also allow you a certain amount of time to fix the property and then the town will reinspect and if everything is done up to code, permits paid, etc., they will issue you the Certificate of Occupancy.

Good luck,

Gina Chirico, Sales Associate
Lattimer Realty
973-715-1158 cell
973-575-6353 ext 17 office
0 votes Thank Flag Link Mon Apr 25, 2011
Our mortage will give us 2 weeks after closing to do all the repairs needed.

0 votes Thank Flag Link Mon Apr 25, 2011
It is a matter of your mortgage. You only need a c/o to occupy the property not to buy it. So it depends if your mortgage requires it. A 203k loan would be applicable in the case of no c/o. good luck!
0 votes Thank Flag Link Mon Apr 25, 2011
Thanks for your help. I appreciate it.

So you can not live on the property until the CO is provided?
0 votes Thank Flag Link Mon Apr 25, 2011
You will likely be obtaining a 'temporary CO'. Check with the municipality on the procedure for obtaining one.
0 votes Thank Flag Link Mon Apr 25, 2011
Gerardo gave you good advice. The only thing I could add is to make sure that the price of the property reflects the extra costs and hassles you will incur by getting the CO.
0 votes Thank Flag Link Mon Apr 25, 2011
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