The Relevance of Certificate of Occupancy
Imagine you’ve finally bought your dream home, and the excitement cannot be contained. You’re thinking about all the arrangements you’ll have to make in your new home, in addition to unpacking your stuff. But wait! Have you heard of the certificate of occupancy? If you own a piece of real estate, this document will be important. Occupancy Certificates are issued by their local government authorities once a property is in a condition to be legally occupied. Homebuyers should never forget about this certificate as it proves that some vital community services, such as water, power, and sanitation, are made available in possession. The certificates confirm that the construction was undertaken following the plans and that necessary authorities sanctioned its construction.
The relevance of Condominium Occupancy Certificate
The importance of a homeowners occupancy certificate
It goes without saying, but every potential buyer should always request a certificate of occupancy from the seller or a builder. A property without an occupancy certification risks being knocked down without warning if coverage is found to have deviated and regulations and plans breached. Other than that, this specific certificate is important so that subsequent sale can take place. Also, other basic services such as electrical and water supply would be cut off if the certificate is not in place.
Let us examine closer the relevance of the certificate
Problems Solving
A certificate of occupancy makes it easier to sell and buy a property. This makes it possible for the parties involved to agree on factual information about the property and its legal status, therefore guaranteeing no arguments arise at a later stage and that the property can be occupied and legally owned.
Drives the Price up
The truth is that permission for occupancy is often quoted in the general valuation of the property and even drives the price up. It indicates that the owners have looked after the interior and the exterior of the building which in turn minimizes the risk for the buyers or investors.
Insurance Protection
An occupancy certificate is an essential document required by an insurance company to give coverage on a property. It serves as a proof that construction of the property has been done according to the sanctioned plans and the building is safe for use. So without an occupancy certificate, all property could potentially be uninsurable and this creates an unnecessary risk for the homeowner because any accidental unpredictability would lead to huge losses.
Health Requirement
This certificate is must for all properties and in some places like areas prone to earthquakes this certificate is absolutely a must. This certificate guarantees that the building in question complies with structural design and safety measures set up by the local authorities.
Legal Implications
Having an occupancy certificate can save you from attracting penalties and fines stemming from the local authorities. Otherwise the building would lack other essential formalities and provisions and be termed as illegal. So always make a point to ask the builder about the certificate. When you have served a notice of claim and the builder is not ready to issue the certificate, you can file a suit in court.
How to Get a Certificate of Occupancy
In order to get an OC, occupancy certificate, they have to present some documentation to the local authorities. Within a month the certificate ought to be availed and awarded. If a builder does not give the OC to a homeowner, such a person can apply at a local government for such certificate.
Required Documents
- Project commencement certificate
- Project completion certificate
- Fire and pollution no objection certificates
- The sanctioned building plan
- An area calculation sheet of floor prepared by an authorized architect
- Images of the building
- Images of the solar panels and rainwater harvesting (if applicable)
How to Apply for an Occupancy Certificate
Here are the processes for applying for an occupancy certificate:
- Apply to the Local Municipality: A prospective citizen who is a would-be owner of a housing unit is required to go in person to the local cooperation or municipality office.
- Fill the Form: Please ask for the form in concern and provide the necessary information required.
- Submit the Form: Please enclose the supporting documents and depost the completed application form. After thirty days of receipt of application, the application will be attended to and the certificate will be ready for issuance.
Difference Between Occupancy, Completion And Possession Certificates
A completion certificate is the document through which the local authority or government agency certifies the construction of the building and its compliance with the requirements of the building plan approved by the municipal corporation. An occupancy certificate is obtained from the local government or other relevant bodies after the completion certificate has been issued to the builder in order for the latter to be able to apply for essential services.
The legal occupancy certificate allows appropriate local services to be applied for the basic utilities and its contents are the provisions of effective local building regulations and also assures the homeowner of safety and security, This means that such utilities can include electricity, gas and water connections etc.
The term ‘Possession Certificate’ is also used by the local municipal authority to denote a certain legal document. This means that the new home owner is legally allowed to take possession of the property. Possession certificates are generally stepped to acquire home loan facilities.
Conclusion
When settling in your ideal dwelling, bear in mind that the edges go past merely the real end of construction. It is having those crucial documents that grants you authentic possession. At Dream Location, we guide you on this overwhelming journey with a reminder that what you are acquiring goes above the piece of real estate and has respect to quality and deployment issues.
For more information about Dream Location and to search your dream property, please visit Dream Location on Google Map. Contact us today to know more about the best real estate deals in Delhi and North India; we will connect you to the right property investment.