In NJ it is standard practice for the SELLER to be responsible for obtaining the municipal certifications including the "smoke cert" (smoke detectors, CO2 detectors, fire extinguisher) as well as the "Certificate of Occupancy" if required in that town. Not all towns require a C.O.
If the contract is making the buyer responsible for the C.O. it means that the buyer will have to arrange for the municipal inspections to occur and to make any repairs necessary to get the home to pass the inspections. This is unusual, but it is happening occasionally, particularly in short sales.
Make sure you have a good real estate attorney who knows how to protect you in the event serious/expensive repairs are required to obtain the C.O.
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Answer by James Miner Esq.
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Answer by Rahzhak Mizhauni-BA.,MLT
If Buyer is responsible for C.O. and all certs required? Make certain that your addendum to your offer to purchase read "Seller pay for Non recurring costs as a contingency; contingent on inspection and Buyer obtaining a loan. Special note: As-Is do not mean As-Is...Seller should be responsible for painting all rooms of home before sell, Seller should be responsible for having a fire extinguisher, smoke detectors and carbon monoxide detectors (LAW). It is his/her home....It is not sold yet. Be very careful. Do not spend money on something that is not yours. Also, request for a CLUE report from seller as a contingency- make certain what you are purchasing has a good history with the seller insurance company.
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Answer by Jeanne Feenick (908) 337-0943
Folks - This question was asked in 2008! Very unlikely that William is still reading but we agents should be mindful of the dates to keep the site relevent.
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Answer by Rahzhak Mizhauni-BA.,MLT
If Buyer is responsible for C.O. and all certs required? Make certain that your addendum to your offer to purchase read "Seller pay for Non recurring costs as a contingency; contingent on inspection and Buyer obtaining a loan. Special note: As-Is do not mean As-Is...Seller should be responsible for painting all rooms of home before sell, Seller should be responsible for having a fire extinguisher, smoke detectors and carbon monoxide detectors (LAW). It is his/her home....It is not sold yet. Be very careful. Do not spend money on something that is not yours. Also, request for a CLUE report from seller as a contingency- make certain what you are purchasing has a good history with the seller insurance company.
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Answer by James Miner Esq.
In NJ it is standard practice for the SELLER to be responsible for obtaining the municipal certifications including the "smoke cert" (smoke detectors, CO2 detectors, fire extinguisher) as well as the "Certificate of Occupancy" if required in that town. Not all towns require a C.O.
If the contract is making the buyer responsible for the C.O. it means that the buyer will have to arrange for the municipal inspections to occur and to make any repairs necessary to get the home to pass the inspections. This is unusual, but it is happening occasionally, particularly in short sales.
Make sure you have a good real estate attorney who knows how to protect you in the event serious/expensive repairs are required to obtain the C.O.
↧
↧
Answer by Rahzhak Mizhauni-BA.,MLT
If Buyer is responsible for C.O. and all certs required? Make certain that your addendum to your offer to purchase read "Seller pay for Non recurring costs as a contingency; contingent on inspection and Buyer obtaining a loan. Special note: As-Is do not mean As-Is...Seller should be responsible for painting all rooms of home before sell, Seller should be responsible for having a fire extinguisher, smoke detectors and carbon monoxide detectors (LAW). It is his/her home....It is not sold yet. Be very careful. Do not spend money on something that is not yours. Also, request for a CLUE report from seller as a contingency- make certain what you are purchasing has a good history with the seller insurance company.
↧
Answer by Jeanne Feenick
Folks - This question was asked in 2008! Very unlikely that William is still reading but we agents should be mindful of the dates to keep the site relevent.
↧
Answer by Rahzhak Mizhauni
If Buyer is responsible for C.O. and all certs required? Make certain that your addendum to your offer to purchase read "Seller pay for Non recurring costs as a contingency; contingent on inspection and Buyer obtaining a loan. Special note: As-Is do not mean As-Is...Seller should be responsible for painting all rooms of home before sell, Seller should be responsible for having a fire extinguisher, smoke detectors and carbon monoxide detectors (LAW). It is his/her home....It is not sold yet. Be very careful. Do not spend money on something that is not yours. Also, request for a CLUE report from seller as a contingency- make certain what you are purchasing has a good history with the seller insurance company.
↧
Answer by James Miner Esq.
In NJ it is standard practice for the SELLER to be responsible for obtaining the municipal certifications including the "smoke cert" (smoke detectors, CO2 detectors, fire extinguisher) as well as the "Certificate of Occupancy" if required in that town. Not all towns require a C.O.
If the contract is making the buyer responsible for the C.O. it means that the buyer will have to arrange for the municipal inspections to occur and to make any repairs necessary to get the home to pass the inspections. This is unusual, but it is happening occasionally, particularly in short sales.
Make sure you have a good real estate attorney who knows how to protect you in the event serious/expensive repairs are required to obtain the C.O.
↧
↧
Answer by Rahzhak Mizhauni
If Buyer is responsible for C.O. and all certs required? Make certain that your addendum to your offer to purchase read "Seller pay for Non recurring costs as a contingency; contingent on inspection and Buyer obtaining a loan. Special note: As-Is do not mean As-Is...Seller should be responsible for painting all rooms of home before sell, Seller should be responsible for having a fire extinguisher, smoke detectors and carbon monoxide detectors (LAW). It is his/her home....It is not sold yet. Be very careful. Do not spend money on something that is not yours. Also, request for a CLUE report from seller as a contingency- make certain what you are purchasing has a good history with the seller insurance company.
↧
Answer by Jeanne Feenick
Folks - This question was asked in 2008! Very unlikely that William is still reading but we agents should be mindful of the dates to keep the site relevent.
↧
Answer by Jeanne Feenick
Folks - This question was asked in 2008! Very unlikely that William is still reading but we agents should be mindful of the dates to keep the site relevent.
↧
Answer by Rahzhak Mizhauni
If Buyer is responsible for C.O. and all certs required? Make certain that your addendum to your offer to purchase read "Seller pay for Non recurring costs as a contingency; contingent on inspection and Buyer obtaining a loan. Special note: As-Is do not mean As-Is...Seller should be responsible for painting all rooms of home before sell, Seller should be responsible for having a fire extinguisher, smoke detectors and carbon monoxide detectors (LAW). It is his/her home....It is not sold yet. Be very careful. Do not spend money on something that is not yours. Also, request for a CLUE report from seller as a contingency- make certain what you are purchasing has a good history with the seller insurance company.
↧
↧
Answer by James Miner Esq.
In NJ it is standard practice for the SELLER to be responsible for obtaining the municipal certifications including the "smoke cert" (smoke detectors, CO2 detectors, fire extinguisher) as well as the "Certificate of Occupancy" if required in that town. Not all towns require a C.O.
If the contract is making the buyer responsible for the C.O. it means that the buyer will have to arrange for the municipal inspections to occur and to make any repairs necessary to get the home to pass the inspections. This is unusual, but it is happening occasionally, particularly in short sales.
Make sure you have a good real estate attorney who knows how to protect you in the event serious/expensive repairs are required to obtain the C.O.
↧
Answer by Rahzhak Mizhauni
If Buyer is responsible for C.O. and all certs required? Make certain that your addendum to your offer to purchase read "Seller pay for Non recurring costs as a contingency; contingent on inspection and Buyer obtaining a loan. Special note: As-Is do not mean As-Is...Seller should be responsible for painting all rooms of home before sell, Seller should be responsible for having a fire extinguisher, smoke detectors and carbon monoxide detectors (LAW). It is his/her home....It is not sold yet. Be very careful. Do not spend money on something that is not yours. Also, request for a CLUE report from seller as a contingency- make certain what you are purchasing has a good history with the seller insurance company.
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Answer by Jeanne Feenick
Folks - This question was asked in 2008! Very unlikely that William is still reading but we agents should be mindful of the dates to keep the site relevent.
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Answer by Mariyaluci
Different markets have different rules- but in my local market a buyer cannot move into a property until they have an occupancy permit. I know I would not want to close on a house that I was not allowed to move in to.
Without a Certificate of Occupancy , the buyer's lender will not fund their loan. A lender needs to see proof that the unit is ready for occupancy and the certificate serves that purpose. Specifically, it documents the property has met all local building codes and standards and at that moment in time, does not present a health and safety issue to the occupants. The underlying concern from the lender's stand point is the certificate reasonably confirms that if they have to foreclose later on, the lender will likely not have to deal with bringing the property up to code.
http://usaconstructionloans.com
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Answer by Jeanne Feenick
Folks - This question was asked in 2008! Very unlikely that William is still reading but we agents should be mindful of the dates to keep the site relevent.
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