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Updated 13 days ago, 11/13/2024
Confirming Legal Status of a Multifamily Home in NYC
Hello BP Community - my first post, here it goes. I own a 2 family home since 2016 that I have rented in Queens, New York. Time has come to sell. During Buyer's title search, it was identified that there is no Certificate of Occupancy (CofO) for the home confirming it is a legal 2 family. Home was constructed in 1930, CofOs were required starting 1938. IOne option is to obtain a Letter of No Objection as to the home's use as a 2 family from the New York City (NYC) Department of Buildings. It has been suggested to go the route of an Expediter to facilitate - they charge in the range of $3k to $6k for this. So my questions to the community:
1-Does anyone have experience with this process of obtaining a Letter of No Objection and could advise whether I could go at this alone or would recommend staying with an Expediter?
2-I am trying to position to the Buyers to take it as-is: home has been used as a 2 family since its construction and I just bought it 2 years ago with this not coming up. It also appraised ~3% higher than contract price. Any other pointers or leverage I could use?
Thanks in advance for any input.