LoveLee2009
LIF Infant
Member since 6/12 275 total posts
Name:
St.Gerard
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Title Report!
so we are in contract for a home which has a detached garage and the former attached garage converted to a den before we placed the bid we have our broker check and make sure they were legal and according to the mynassauproperty it is.
it clearly says
detached garage YES
attached garage NO
so the report comes back showing that the house still has an attached garage and needs to be made legal.
my lawyer is having the title company look into it and he personally looked into it himself this morning and spent 4 hours calling around and what it comes down to is the buildings department has nothing on record for the conversion but they do for the new detached garage done at the SAME time in 1965.
so basically they have to fox it which can take 4-6 weeks and my rate is locked in till july 2nd. we were supposed to close by july 1.
has this happened to anyone??
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Re: Title Report!
Your agent should not have relied on the my Nassau property site. Very often, improvements/additions show up on the property card on that site, because the owner is being taxed for it. However, that does not mean there are C/Os in place for it.
If it's a concern, you should always ask to see C/Os before going to contract, and if the seller doesn't have copies/can't provide it, the only way to know for sure is to go to the town and request copies of all C/Os and open permits for the property. My company automatically asks the town for this information when we take a listing. Otherwise, surprises can crop up on the title search.
I guess the issues are:
1) Does the bank/your mortgage lender care about this? Some banks would overlook it. If the bank doesn't care about the missing C/Os, then you could still close as planned. ETA - A lot of times banks will overlook an illegal garage conversion BUT not count the square footage of the conversion as part of the living space, which can be an issue for the appraisal.
2) Even if the bank doesn't care - do you care? If so, what does your attorney recommend? If you would rather close asap, given your rate lock, etc., perhaps you could close while the seller is in the process of legalizing everything (have seller put money in escrow), which is what I did when I bought my house. Most banks won't let you close with money in escrow anymore, but if your bank doesn't care, it doesn't matter. Or you could get a credit from the seller to take care of the C/Os issues yourself.
Do you know whether it's a matter of closing open permits? Do you know whether a variance will be required to get a C/O, which will make it a longer process. If the seller is working on this, are they using an expeditor, which will make the process go faster and more smoothly (but is more costly)?
Message edited 6/7/2013 3:45:29 PM.
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