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/u/WestCoast9587
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I've inherited a fairly large home 5700 sq/ft on 2.9 acres in BC lower mainland with no mortgage. The home was built in '94, geotechnical, engineering, structural, and envelope inspections were approved/passed, but the final occupancy permit wasn't completed, as such the electrical/mechanical will need to be redone which is what held the final COC (certificate of completion)
Over the past 30 years, improvements were done but never really finished, regardless they made it work and lived in the home since '96 to '21.
As the final inspection was never completed the home now has a 'red flag' for buyers called a section 700 which notifies the buyer of the lack of occupancy permit and possible undisclosed or approved changes/additions, the home obviously has it's quirks but taking on the risk would be beneficial to a buyer for customization as opposed to the myriad of lipstick renos that plague our housing market with cheap/quick repairs all hidden by drywall and fancy finishes.
As the home has sections of framing exposed (unfinished drywall) you can basically look at the bones of the house and the extensive effort my grandfather went through to ensure longevity with regard to structure/framing/joists/load bearing walls.
Would I be able to sell it at a slightly reduced price than the listed MLS price considering it's short comings and only being able to offer build details with "to the best of my knowledge" and allowing buyers to do their own home inspections for assurance?
TL/DR - Selling inherited house without occupancy permit: risks/liabilities??
submitted by /u/WestCoast9587
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Inherited property without occupancy permit
Continue reading...
Over the past 30 years, improvements were done but never really finished, regardless they made it work and lived in the home since '96 to '21.
As the final inspection was never completed the home now has a 'red flag' for buyers called a section 700 which notifies the buyer of the lack of occupancy permit and possible undisclosed or approved changes/additions, the home obviously has it's quirks but taking on the risk would be beneficial to a buyer for customization as opposed to the myriad of lipstick renos that plague our housing market with cheap/quick repairs all hidden by drywall and fancy finishes.
As the home has sections of framing exposed (unfinished drywall) you can basically look at the bones of the house and the extensive effort my grandfather went through to ensure longevity with regard to structure/framing/joists/load bearing walls.
Would I be able to sell it at a slightly reduced price than the listed MLS price considering it's short comings and only being able to offer build details with "to the best of my knowledge" and allowing buyers to do their own home inspections for assurance?
TL/DR - Selling inherited house without occupancy permit: risks/liabilities??
submitted by /u/WestCoast9587
[link] [comments]
Inherited property without occupancy permit
Continue reading...