I am buying a 3 family in Newark-bank-owned , fixer upper .
With the closing scheduled for this week, the wholesaler tells me there is no green card that my lawyer is asking for. Can I go ahead with the purchase, if I am prepared to spend on the related expenses, as I will be fixing up the place anyway? Is there any other liability involved?
This is the first time I am buying a 3-family and have no knowledge about green cards . Please advise .
Thank you guys !
Are you sure that it's a legal 3 family? Call the town and ask if there are any violations open and ask how it is zoned. There's no requirement in NJ that you get one upon a sale, so liability would be if there were a ton of violations between the last time the place was inspected and when you take title, you'll inherit all the issues and costs involved. If that's ok with you, I would just make sure it's zoned legally.
@Jessica Zolotorofe Thank you for your response. I found from the town that it is a legal 3-family and has no violations. Hoping to close next week God-willing .
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