Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
While the previous paragraph gives you a brief idea of what role the certificate of occupancy plays and why it is important in a real estate deal, it is important to know how you can define it. Issued by a capable certifying authority, the certificate of occupancy states that your property is adhering to all necessary laws and building code, while also providing the necessary amenities and documents requited. These documents are usually issued by local civil bodies including municipal corporations.
The sheer myriad of uses a certificate of occupancy withholds is the main reason why it is so important in any property deal. As a buyer, you should be aware of the uses. Some of the common reasons why you should not buy a property without a certificate of occupancy is:
1. It legalises the property:
In its sense, an OC legalises the property. It ensures that all the by-laws and regulations have been maintained while building the property. This means the property follows a specific building code and has been built as per the approved plan. The certificate of occupancy is also makes sure that the residents will be able to enjoy basic amenities.
2. All other necessary documents are cleared:
As mentioned in the first paragraph, it is very important that you ensure that all necessary clearances and documents are gathered before the completion of a real estate transaction. With the certificate of occupancy in your hand, you will know that all of that is done and you have nothing to worry about.
