Do Wholesalers need a Certificate of Occupancy when using assignment or double closing contracts in NJ

[Brandon Paisley]

So Im trying to figure out if I need a CO when wholesaling in New Jersey. I spoke to an attorney today about writing up an assignment contract and he stated that we will need a Certificate of Occupancy for the title company to close. Is this just an attorney thinking like a real estate agent, and not understanding how wholesalers work or do I really need a CO to close in New Jersey?

If I do need them can I push it on to the buyers side contract?

In all my research this is the first time I've heard of a CO being a requirement. Any info would be much appreciated. Thanks

[Ibrahim Hughes]

Yes in NJ the requirement for the CO typically falls on the seller. However, you will have contracts (particularly when you're buying 'as is' like with an REO) where the buyer is required to get the CO. That would be you the wholesaler applying for the CO but it would go in the seller's name. As a wholesaler assigning, you shouldn't have a problem because most municipalities won't require the buyer's info. HOWEVER, Newark will give you an problem because they want info on both parties, copy of the contracts and DNA samples - lol. You will likely get stuck here and may have to close with your name down as buyer.