If the building does not obtain a CO in time, you risk having to delay your closing, among other issues, our experts say.
A CO or certificate of occupancy specifies how a building may be used, how it’s zoned, and how many residences are permitted. (A TCO is a temporary certificate of occupancy, which means the building can be inhabited but there is still some work to be done on it.) Without this document, buildings cannot be legally inhabited.
It takes time for a new development to obtain a CO or TCO, which can cause delays in closing.
About the Author
James Woods, Managing Partner of Woods Lonergan, holds more than 25 years of experience in corporate, real estate, and business legal matters. His expertise in handling negotiations, litigation, jury trials, and all forms of alternative dispute resolution spans multiple areas, including corporate, real estate, and commercial litigation. James actively represents dozens of Cooperative and Condominium Boards and serves as counsel to many Corporate Boards. Prior to founding the firm, James proudly served as an Assistant District Attorney for Nassau County and handled both jury and bench trials. With experience that also covers sophisticated transactions and complex acquisitions, James also serves as counsel to several domestic companies in a range of industries and commercial arenas, including real estate, insurance, banking, transportation, and construction. If you have any questions about this article you can contact attorney James Woods through his biography page.
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