tax lots & condo declaration

The city keeps track of real estate by assigning numbers to blocks and numbers to lots. A condo unit gets a lot number, just as if it was a piece of land.

That one-into-many split is recorded in the condo declaration. See a sample at http://a836-acris.nyc.gov/DS/DocumentSearch/DocumentDetail?doc_id=2013071900220001 and click "View Document" at the bottom.

There, on block 1517, lot 20 is split into lots 1101 through 1181.

(The city also assigns the condo itself a lot number, e.g. 7502, for various purposes, but it doesn't really count as a lot so isn't recorded.)

The original lot numbers for land ran from 1 to however many lots the block held. When condos came about, the city went to four-digit numbers.

Anyway, until the condo unit you're in contract for gets its lot number, there's nothing for you to buy.

basically means the condo doesn't have an ID number yet and therefore nothing for the bank to place its first priority on.

oh. i see. thanks @nwt and @crescent.

after the contract was signed, 1.5 month was used on mortgage and 1 month for tax lots and condo declaration. hopefully it will be over soon.

oh, a follow up question. when should tax lots and condo declaration be done during purchase process, before selling, after contract signed, or once the bank cleared mortgage application?

@stevenlee21, back on Monday June 29th we are exactly in the same situation as you were. Appraisal result was good and we thought we then just needed to set a date for closing but we were told the declaration and lots needed to be done and that it was going to take 30 days or more. What was your experience in terms of timeline, did they take the 4 weeks or more? After that, how long more did it take for you to close? The apt we want to buy is in Park Slope, where was yours? (Not sure if the location matters though).