Legal Question in Real Estate Law in New York

Hello, I have a question we are going to buy a a single family house in Brooklyn area, we need to close but we are waiting for certificate of occupancy because the owner doesn’t have it. They applied for it but nobody knows when they are going to receive it from department of buildings. Our lawyer is telling us we can’t do closing without certificate of occupancy, and asking us to sign a paper which will state that if we are going to close without of certificate of occupancy and there will be an issue in the future, we will be responsible not our lawyer. We need to buy the house now because we already extended our mortgage rate once and we paid to bank, we need to pay again if we want to keep the same rate. Is it possible and safe to close it without certificate of occupancy? More waiting will require more spending of money, and with COVID everything is slow and nobody knows when we will get the certificate. What do you recommend? We don’t know what to do. Owners offered to put some money in escrow account just in case if we want to close without certificate but our lawyer is telling what if something wrong in the construction of the house, and you need to spend more money to fix it and escrow money won’t be enough.Owners are telling that everything is fine with their home and they are willing to put some money to escrow so we can close without certificate but lawyer is telling to wait. We can’t wait because we need to pay more money for bank to keep the same rate. Thank you for your answer

Asked on 3/31/22, 7:41 pm

David Slater David P. Slater, Esq.

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Your lawyer is correct. Go to the Building Department and find out why there is no C of O.

Answered on 3/31/22, 10:28 pm

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