The Department strongly recommends you negotiate a closing based on a final Certificate of Occupancy (CO), not a Temporary Certificate of Occupancy (TCO).
If you purchase a co-op, condo or house that has a TCO, consult with a New York State licensed Professional Engineer (PE) or Registered Architect (RA) to determine what work must be done, and any outstanding issues for the building to receive a final CO.
Once you purchase a property, you as the owner, have the legal obligation to make sure the building obtains a final CO documenting its compliance with the Building Code and the Zoning Resolution. Because this is your responsibility, you should ask your attorney to obtain written assurance and enough escrow from the seller/developer to ensure the developer finishes any outstanding work and obtains the final CO in a timely manner.
When a TCO expires and is not renewed, it may be difficult or impossible to buy insurance or sell or refinance the property.