Agents and Buyers often ask InvestProp–“Why is there no TISH?” “I don’t understand” “What do you mean certificate of occupancy is valid–NO TISH?”
Well, the short answer for St. Paul is, if the duplex you own has a valid certificate of occupancy (“CO”), or is even in the queue to be inspected and states, “renewal due” then the property does not need a TISH to sell the property. Owners can verify their Certificate of Occupancy Status by visiting St. Paul Permit Online. Unless you see a “Revoked” with no later in time “Certified” then you are OK without a new TISH.
For those unfamiliar, a “TISH” is short for Truth In Sale of Housing. Note, this is only an exemption and city policy does and can change at all times. This also applies to St. Paul and no other city, especially Minneapolis. Select a good multifamily broker/agent and you won’t be surprised either way.
OK–Devil’s advocate–“Don’t you want a TISH to show an independent report to investors/buyers about the property?”
Well frankly, our experience selling many, many duplexes in St. Paul does not demonstrate any market demand by buyers to need a TISH. Think about it, most of the time, the Buyer will have an onerous Inspector review the property’s nooks and crannies anyway. This inspector will spend hours, not 15 minutes looking to find the bare minimum of what might be wrong with the property. We at InvestProp recommend our clients save the $200-300 and skip the TISH on St. Paul duplexes. Concurrently with a no TISH recommendation, we recommend Sellers execute a Seller’s Disclosure Alternative, especially when they have never lived in the Property and don’t personally possess full knowledge during ownership. We will discuss Seller Disclosure Alternatives in a future Blog.
Look for many more InvestProp blog posts in this location in the days and weeks to come!
Thanks for your time and don’t hesitate to contact us with your Multifamily questions or needs!
–Brad Schaeppi, Founder & President