{"id":4633,"date":"2021-12-18T17:27:06","date_gmt":"2021-12-18T17:27:06","guid":{"rendered":"https:\/\/www.propertypistol.com\/blog\/?p=4633"},"modified":"2024-10-07T18:37:51","modified_gmt":"2024-10-07T13:07:51","slug":"what-is-the-importance-of-occupancy-certificate-in-real-estate","status":"publish","type":"post","link":"https:\/\/www.propertypistol.com\/blog\/what-is-the-importance-of-occupancy-certificate-in-real-estate\/","title":{"rendered":"What is the importance of Occupancy Certificate in Real Estate?"},"content":{"rendered":"\n<p><em>An occupancy certificate is a document provided by a local government agency or planning body once a new project has been completed. <\/em><\/p>\n\n\n\n<!--more-->\n\n\n\n<p>The certificate verifies that the project was constructed following the appropriate building codes, regulations, and laws. Once the project is finished, the developer is responsible for obtaining an occupancy certificate. The certificate certifies that the structure is fit for human habitation. When applying for water, sanitation, or electrical connections, an OC is necessary. An OC is required for homeowners to ensure their property&#8217;s legal status. The local municipal authority has the power to take legal action in the lack of a valid OC for a property because a project without an OC is considered an unlawful building. When applying for a mortgage or buying a resale house, you&#8217;ll need an OC. When selling your property, you&#8217;ll also require a valid OC.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.propertypistol.com\/blog\/what-is-the-importance-of-occupancy-certificate-in-real-estate\/#How_can_you_own_an_occupancy_certificate\" title=\"How can you own an occupancy certificate?\">How can you own an occupancy certificate?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.propertypistol.com\/blog\/what-is-the-importance-of-occupancy-certificate-in-real-estate\/#How_are_occupancy_completion_and_possession_certificates_different_from_each_other\" title=\"How are occupancy, completion, and possession certificates different from each other?\">How are occupancy, completion, and possession certificates different from each other?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.propertypistol.com\/blog\/what-is-the-importance-of-occupancy-certificate-in-real-estate\/#What_does_a_Temporary_Occupancy_Certificate_mean\" title=\"What does a Temporary Occupancy Certificate mean?\">What does a Temporary Occupancy Certificate mean?<\/a><\/li><\/ul><\/nav><\/div>\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_can_you_own_an_occupancy_certificate\"><\/span><strong>How can you own an occupancy certificate? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>A developer should apply for an OC\nwithin 30 days of the project&#8217;s completion. You can also apply for an OC from\nthe local corporation or municipality as a property owner. If the project meets\nall of the requirements for approval, you should get a copy of the OC within 30\ndays after applying. As part of your application, you will need to provide the\nfollowing documents:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Certificate of completion of the project. <\/li><li>Certificate of completion for the project.<\/li><li>NOCs have been issued for fire and pollution.<\/li><li>The most recent tax bill.<\/li><li>A copy of the approved building plan.<\/li><\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_are_occupancy_completion_and_possession_certificates_different_from_each_other\"><\/span><strong>How are occupancy, completion, and possession certificates different from each other?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>After checking that a housing\nproject meets all of the standards to be livable, the authorities issue a\ncompletion certificate (CC). Only once a CC is awarded to a project does it\nbecome ready for house purchasers to take possession of. An OC, on the other\nhand, is a document that certifies that the project was completed in conformity\nwith all applicable construction standards, building bye-laws, and other\nregulations. The builder may only apply for various utilities for a project\nafter it has received an OC. The developer issues a possession certificate to\nthe buyer as confirmation of ownership transfer. It specifies the date on which\nthe new buyer takes ownership of the property.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_does_a_Temporary_Occupancy_Certificate_mean\"><\/span><strong>What does a Temporary Occupancy Certificate mean?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<p>A temporary occupation certificate can be revoked at any time. The word &#8220;temporary occupancy certificate&#8221; does not appear in any authority&#8217;s rule book. However, there is a word known as a &#8216;half completion certificate,&#8217; which confirms that the builder can complete the towers promptly. Buyers should keep in mind that a penalty plan has a five-year term, which can be extended for two years with a fee at most. Once a buyer has taken possession of a temporary OC, he must immediately request a permanent OC from the builder upon completion.<\/p>\n\n\n\n<p style=\"font-size:12px\"><em><strong>Disclaimer:&nbsp;<\/strong>The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information<\/em>.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An occupancy certificate is a document provided by a local government agency or planning body once a new project has been completed.<\/p>\n","protected":false},"author":2,"featured_media":4635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[48],"tags":[257],"class_list":["post-4633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-know-your-real-estate","tag-oc","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is an Occupancy 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