Escrow & Title
In New York, the 'certificate of occupancy' (CO) issued by the local building department certifies that:
AThe property has clear title
BThe building or portion thereof has been inspected and found to comply with the applicable building codes and is safe for occupancy✓ Correct
CThe property is free of environmental contamination
DThe seller has paid all outstanding property taxes
Explanation
A certificate of occupancy (CO) in New York is issued by the local building department after an inspection confirming that the building (or a specific use or renovation) complies with the applicable building code and zoning regulations and is safe for the intended use. Lenders and buyers often require a valid CO before closing.
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