A Certificate of Occupancy (CO) states the legal use and/or type of permitted occupancy for a building. New buildings must have a CO, and existing buildings must have a current or amended CO when construction will change their use, egress or type of occupancy.
- If you’ve ever been involved in an NYC real estate deal, you may have heard the phrase Certificate of Occupancy. This piece of paper, which is at times taken for granted, may be the difference between a tenant paying rent or an investor or real estate developer obtaining financing to purchase a building.
Do you need a certificate of occupancy in NY?
All NYC buildings completed after 1938 need a certificate of occupancy. In addition, older buildings that undergo significant changes, will often require a CO to be issued.
Do I need a certificate of occupancy when I close on the property in NY?
Most purchasers will have a Certificate of Occupancy requirement for the property to be issued before a closing will take place. All new buildings in New York require a Certificate of Occupancy.
Who is responsible for certificate of occupancy?
But as a buyer, you’ll generally need one to move forward with the mortgage process. That said, in a home sale transaction, it’s usually the seller’s responsibility to obtain a certificate of occupancy and to bear the cost (though sometimes buyers and sellers split that cost).
How long does it take to get a certificate of occupancy in NYS?
A TCO is the easiest to obtain, and the whole process takes about 6 months, or more, to complete. All you need are temporary approvals from the NYC DOB on the following essential items: Temporary Construction Sign Off. Temporary Elevator Sign-off.
How do I get a certificate of occupancy in NY?
Getting a Copy of a CO Use the Buildings Information System to look up the property. Under the Building Profile, the View Certificates of Occupancy link will display the CO. You can also obtain a copy of a Certificate of Occupancy from the Department’s Customer Service Counter in your borough office.
How much does it cost to change a certificate of occupancy in NY?
The fee for obtaining a new or amended C of O is currently $100, which does not include the filing fee for the DOB work permit (approximately 1% of the construction cost) and other associated filing fees.
What happens if there is no occupancy certificate?
Occupying a property without an OC is considered as illegal and local civic bodies can ask you to vacate the property. You may have to face trouble in getting water connection or sanitary connection or electricity supply connection.
Can you close on house without co?
If you were to purchase an existing home, the closing agent could check with the city to make sure the CO is on file. The Certificate of Occupancy is just another step in the home building and mortgage process that serves to protect you. Without the CO, the home is not considered safe.
Can you buy a house without a CO?
Various approval conditions must be satisfied to obtain a home loan. Buyers who qualify for financing can purchase a house without a co-signer. Buyers can contact credit union representatives, bankers and mortgage companies to apply for a home loan. A loan officer can review a buyer’s qualifications for a home loan.
Why is the certificate of occupancy important?
The purpose is to certify that a building is in compliance with building codes and that it is suitable for occupancy. The certificate of occupancy is essential for a building to become operational – without a valid certificate, a building cannot be occupied.
How long does an occupancy permit take?
Steps to Obtain an Occupancy Certificate The Occupancy Certificate is obtained from the local authority upon submission of the application form after the completion of the building construction. Usually, the local municipal body issues the Occupancy Certificate within 30 days from the application date.