Updated almost 6 years ago on . Most recent reply
Building permit before acquisition
Hello,
I have a property under contract that I want to add another bedroom and another bathroom above ground. I had a plan to add them in the basement but this is not giving me enough value into the ARV so I decided with my contractor to add them both above ground.
The problem is that I am using financing and they are lending me certain % in the ARV, so in order to increase the loan about from them (they have a limit on how much I can lend with % from ARV) I need that building permit.
My contractor did the planning already, went to the city building offices for the permit and they told him that until the property would not title transferred. He could not get the permit!
Did you encounter in such an issue before? Is there any way that I can get these permits even though I didn’t close yet on the property?
FYI - I am a foreign national and I don’t leave there, so I can’t go with him.