Quote:
Originally Posted by grandslam21
Did most of you get a temporary CO when closing? And how much time it took to get a permanent CO? Just curious if anyone ran into issues with CO bcoz the notice gives a deadline after which owner has to pay fine (not sure how much) or even vacate the house.
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Grandslam21:
Builder usually expects the buyer to close the home and make the remaining payment in about 2-3 weeks after the issuance of CO. However, there is saving grace due to following reasons:
1) If your contract date is later that that required in CO (Certificate of Occupancy). For example, when the contract (signed while booking your home) shows expected date of completion as May 1, and CO asks for occupying by March 15, then May 1 is scheduled date.
2) If there is delay in actual receipt of copy of CO. For example, if you receive copy after 1-2 weeks the CO was issued, then you can count date of receipt.
3) If there is delay by the banks in releasing payment. Banks usually start final loan closing process after receiving copy of CO and some other documents (title, title insurance, property survey, insurance for home, etc.)
The initial CO is issued showing the completion of home. The final CO is received few months after you moved in, showing that you are the owner of the home.
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