NY Certificate of Compliance

[Zachary W.]

Hi, 

I am a first time buyer within NY and looking for some feedback concerning Certificates of Compliance on residential rental units. Offers have been submitted for a local property and the seller reviewed them all today. But after doing so, the sellers agent came back and said "oh by the way the Certificate of Compliance on the property is expired. What do you want to do?" 

The seller is allowing another 24 hours for all the buyers to craft a response in writing as to whether we are willing or not to pay for all or any part of the inspection and issuance of the certificate. 

I am not to familiar with the process of the inspection and how expensive it could become. Is this something I should concede to or keep the sellers feet to the fire and make them pay for it before proceeding? 

Any advice or experience in this area would be very helpful. Thanks

Zach

[Jesse Wixson]

I am an agent in Ithaca and Tompkins County specifically. Its is a requirement that the seller have a current CofO on an investment property. If this is not the case, the seller is in violation of NYS law. Any income property must have one. To specifically answer your question, Yes make them pay for it, it isn't much and doesn't take to long.