Closings glossary
FISP (Facade Inspection Safety Program)
The Department of Buildings program requiring periodic facade inspection and filing for buildings over six stories, on a five-year cycle with staggered filing windows.
What is FISP or Local Law 11?
Quick Answer
The full definition
The Department of Buildings program requiring periodic facade inspection and filing for buildings over six stories, on a five-year cycle with staggered filing windows.
Also called: Local Law 11, Facade Inspection Safety Program.
Which related terms should you know?
These are the terms that come up alongside fisp (facade inspection safety program) in the same file.
- 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 sale.
- Assessment (co-op or condo)
- A charge levied by a co-op or condominium board beyond ordinary maintenance or common charges, typically to pay for a capital project. It is disclosed in the managing agent's closing letter.
- Certificate of Correction
- The filing that certifies to a City agency that a cited condition has been corrected. Acceptance by the agency, not the repair itself, is what closes the violation in the record.
- Open permit
- A DOB permit filed for work that was never signed off. Closing it usually means a licensed professional filing for inspection or formally withdrawing the job.
- OATH Hearings Division
- The City tribunal, OATH (formerly ECB), that adjudicates summonses from most New York City enforcement agencies. Unpaid or defaulted summonses become collectible judgments.
Where does fisp (facade inspection safety program) come up in a New York City closing?
A Manhattan co-op with an unsafe facade filing carries a shed and monthly penalties, and the buyer's lender asks for the repair contract before it funds.
What else should you read before closing?
Building types
- Standard co-opThe ordinary New York City cooperative: you buy shares in a corporation and receive a proprietary lease to occupy a specific apartment.
- Standard condoA New York City condominium unit: real property conveyed by deed, recorded in ACRIS, with an undivided interest in the common elements.
- 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 ...
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