What Does C of O Mean?
This explanation is one of many that the Cunard Team provides in answer to frequently asked questions and common industry terminology. For more definitions of common industry terms please explore our blog or request information by connecting with us directly. Please enjoy What Does C of O Mean? and share with anyone who may be interested in investing in real estate today.
What Does C of O Mean?
Our simple and practical use for the term is:
Certificate of Occupancy (C of O) – A document issued by the local government outlining the use and inhabitability of a building
But what does C of O Mean?: It is more than just the simplified, practical, definition. The details include inspections of modifications/repairs made to the subject property, documents of approval from city agencies, clearance of necessary payments, and confirmed proper use and function of of the space in accordance with zoning laws. Certificates of occupancy are not required to transfer ownership of a property but the new owner is responsible for the outstanding issues and liabilities.
What Does C of O Mean? – NYC Certificate of Occupancy Requirements
A certificate of occupancy is required to legally inhabit most buildings built after 1938. Because a part of the C of O (the largest part) is about determining whether a property is safe to inhabit, your property must be inspected and approved by the DOB. Typically the requirements involve the structure meeting the city’s building codes for safety and function requirements and closing any open violations (both issues may be inherited upon purchase knowingly or otherwise).
What Does C of O Mean? – TCO: Temporary Certificate of Occupancy NYC
In some instances, a property may be deemed safe to inhabit, despite other unmet requirements, and the DOB will issue a TCO (temporary certificate of occupancy). The TCO allows the property to be inhabited while obligations are met and usually expires within around 90 days. After expiration it can be very difficult to retain or obtain property insurance, increasing liability to the property owner. Purchasing a property with a TCO is cautioned and an attorney and engineer should be consulted.
What Does C of O Mean? – Resources
In answer to questions like, “How do I get a certificate of occupancy?” or “How long does it take to get a certificate of occupancy in nyc?”, NYC Buildings and NYC Open Data have posted information. While these are great sources of information the best way to get answers tailored to your questions is to speak with a qualified real estate agent. An agent may not always have the exact information you need but will likely introduce you to the person/s who do. A network of professionals with various specialties is the mark of an exceptional agent. Reach out to our team of exceptional agents with your questions today.
As always, thanks for reading. Contact The Cunard Team today if you have questions or want to talk through real estate investing, selling, or renting spaces. If you benefited from What Does C of O Mean?, please share it with someone you think might be interested in investing or buying into NYC real estate. We look forward to serving you.