If you are planning to put down more than 20%, then there is a possibility that you could get a loan and give an undertaking at closing that you will get a CO within "x" period of time. It depends on what the CO is for, and what is involved. This does not mean that your attorney will allow you to close without the CO.
This brings us to another issue, what the contract says, and what doesn't have a CO. If we are talking about a finished basement with a bathroom, and the contract doesn't say something like, "the seller will not get a CO on the bathroom", then I doubt that this will be picked up. The CO says it is for a 1 family house, not a 1 family house with a bathroom in the basement. As long as there are no open permits, you should be fine.
Arlynn and I have worked together on deals where attorneys do thing slike put in the contract that the seller will remove the bathroom in the basement and the gas stove in the basement, will cap off everything but the buyer can put it back after closing. That is something that you don't want to see.
Just as you could take care of the C/O issues after closing, they could agree to extend the closing, and take care of those issues themselves. Yet, if they don't want to take care of those issues, then they could also further discount that sales price instead, and you could take care of them. Either way, you wouldn't get stuck paying for the issues that they currently own.
You might want to run those options past your attorney too.
Associate Broker, Certified Buyer Representative, Senior Real Estate Specialist
Century 21 Princeton Properties
What is recited in the contract? Does it stipulate that all portions of the home will have a CO (Certificate of Occupancy) BY closing of title? What is your attorney's advice?
Also - Will you be getting a mortgage? If so, I would be very surprised if your bank will issue a mortgage if any portion of the home does not have a CO by the closing date.
Arlynn B. Palmer, ESQ, SRES, CBR, CMS, CNS
Associate Broker, REALTOR
Coldwell Banker Claire Sobel
Off: (516)621-6300 x 205