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New Condo TCO > CO question..

Started by jmzed
about 16 years ago
Posts: 19
Member since: Dec 2009
Discussion about
Hi, I'll be closing soon on a new development condo and was wondering: Is it normal for the bank to request some money be set aside in escrow because the condo does not have it's final CO, and is only in the TCO stage?
Response by spaceboy
about 16 years ago
Posts: 217
Member since: Mar 2007

Set aside for what? Why would you need to have money set aside for CO => TCO?

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Response by jmzed
about 16 years ago
Posts: 19
Member since: Dec 2009

The bank wanted money set aside in an escrow until the condo receives it's Final C of O, either that or do not close while the building only has its temporary C of O. It doesn't seem like a common request..

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