Question about closing on a condo in Brooklyn…
Hello, I have a question about a personal property that I will be living in. It’s a condo in Brooklyn in a new development, it’s a small “boutique” building with under 10 units. I have been in contract since March and it’s been a bit of a nightmare waiting to close. ~60% of the units in the building are sold and the sponsor has TCO and CO.
Last I heard, this was the latest update. Can someone explain in plain English what this actually means? I thought I could close with the TCO/CO in place? My RE attorney is a bit of a doofus and I simply can’t rely on him so I’m trying to crowd source info. My attorney said he may not have an update on closings until late Oct./early Nov.
August 29, 2019
“Our client told us that that he is waiting on the subdivision and probably in 45 days they will have it and can close. He also wrote to us that “The DOF is currently only Processing Subdivision Requests as of 5/14/19. They are backed up and moving at a snails pace unfortunately. We submitted in July and our expediter is working on Getting the process on ours moving but this is the item we are waiting on to close .”