Outstanding Code Violations Not Cleared

[Polina Goncharova]

Hello BP,

I am in the process of closing a deal on SW Side of Chicago. The building has outstanding code violations from prior to rehab. After talking to a city representative, he stated that the building had an initial permit but the permit does not have the final inspection documented. Without this from the city, this building permit (from 2009) will not be finalized. We can though request a re-inspection which will clear the existing code violations. 

How crucial is it to have the house be inspected by the city during and after completion?

There is also no certificate of occupancy but building is fully occupied. Is this a major or minor issue?

The seller has been  broad in terms of his responses to our questions. Stating that "The property has been inspected by the City, State Farm Insurance and by the Section 8 program. No one had issues with the condition of the property"

Your opinion is greatly appreciated.