Open application means that someone filed with a DOB and never closed-out the application. There could be several reasons why:
- Never got approved by DOB – and thought this was the last step.
- Got approved but never got permits – Sometimes contractors just want too much money and owners do not want to do the work
- Got permits and never finished the work. Whether money ran out or inspections did not pass some people just leave things undone.
- All physical work is done but no one ever thought to submit all the final documents.
Having an open application will eventually lead to a problem. One should always strive to close out all applications as soon as possible. The open applications usually come to light when the transfer of property ownership takes place. New owners, many times, are mandated by their lending partners to run a check of property records. Because it takes time to close out these applications, they may adversely affect the timeline of sale or kill it altogether.
If you have some open applications, please read more information on PW7 / Signoff, and withdrawal to see if you can close them out. Or better yet call/email us at (718) 326 8653 info@unravelcodes.com
