Closings 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 new one is issued.
What is a TCO and can you close with one?
Quick Answer
The full definition
A Certificate of Occupancy issued for a limited period while construction is completed. Renewals are routine, but a lapse stops closings until the new one is issued.
Also called: Temporary Certificate of Occupancy.
Where does tco (temporary certificate of occupancy) come up in a New York City closing?
A Long Island City sponsor unit closes under a TCO that expires on the 14th, so the closing is scheduled for the 9th to avoid a lapse.
What else should you read before closing?
In the 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 c...
- 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 ...
- 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...
- 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...
- Offering planThe sponsor's filed disclosure document for a co-op or condominium, carrying its budget, share or common interest allocation, building rules and sp...
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.
- Sponsor resale condo unitAn unsold condominium unit the sponsor still owns years after the building opened, sold under the original offering plan rather than as an ordinary...
- 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 ...
Have a closing coming up?
Tell us about the transaction. An attorney reads every intake form and responds the same business day.
Legal Disclaimer: This page is general information about New York practice. It is not legal advice, it does not account for the terms of any particular contract, building or transaction, and reading it does not create an attorney-client relationship. This is attorney advertising. Prior results do not guarantee similar outcomes.