Losing Deal over Certificate of Occupancy

[Carlos Rodrigues]

Good evening BP. I'm currently working on a Two-Family Deal in New Jersey that is Under Attorney Review. A little about the property, it's currently owner by older people who are looking to move and the property is outdated but nothing seems to be broken. They want to Sell the property as-is which I'm fine with as long as it doesn't have a Under Ground Oil tank. But they also want me to be responsible for the Certificate of Occupancy. I told my attorney I want them to be responsible for it, but now I'm hoping I don't lose out on the Deal because of a CO. What are your thoughts on all this? I found a website on what the CO for this town requires (see link below).

http://www.uniontownship.com/DocumentCenter/View/76

[Cheryl Schuck]

This is a common practice with any short sale or REO in the area. It's not a big deal, it's only the cost of putting up smoke detectors, carbon monoxide detectors and a fire extinguisher plus the cost of town coming to inspect. Not sure if the town you are purchasing in requires more....it's generally just the smoke cert for the CO, but the town will tell you what is needed to transfer title.