Closings glossary
Certificate of Occupancy (C of O)
The Department of Buildings document that fixes a building's legal use and occupancy. Lenders and title companies read it to confirm the property can lawfully be used the way it is sold.
What is a Certificate of Occupancy?
Quick Answer
The full definition
The Department of Buildings document that fixes a building's legal use and occupancy. Lenders and title companies read it to confirm the property can lawfully be used the way it is sold.
Also called: C of O, CO.
Where does certificate of occupancy (c of o) come up in a New York City closing?
A Queens house is marketed as four units while the C of O says three, so the lender declines until the use is corrected or the C of O is amended.
What else should you read before closing?
In the glossary
- TCO (Temporary Certificate of Occupancy)A Certificate of Occupancy issued for a limited period while construction is completed. Renewals are routine, but a lapse stops closings until the ...
- Letter of No ObjectionA DOB letter confirming the lawful use of a building constructed before Certificates of Occupancy were required. It stands in for a C of O on many ...
- Violation (cited against the premises)An agency record that a condition at a property does not comply with a code or rule. It attaches to the premises and follows the property through a...
- Open permitA DOB permit filed for work that was never signed off. Closing it usually means a licensed professional filing for inspection or formally withdrawi...
- BIN (Building Identification Number)A seven-digit Department of Buildings number identifying one building. A single tax lot holding a main house and a rear structure carries a separat...
Building types
- New-development condoA first sale from the sponsor of a newly built condominium, governed by an offering plan, often delivered on a temporary certificate of occupancy.
- Condo in a converted buildingA condominium created by converting an existing rental building, where non-purchasing tenants, the reserve fund and building-wide conditions carry ...
- Townhouse and 1-4 family condo declarationA small building divided into condominium units, where outdoor space, party walls, multiple-dwelling registration and the certificate of occupancy ...
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