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.
CO stands for certificate of occupancy. A certificate of occupancy is a legal document that proves the structure of a house or office building that is safe to live or inhabit. A certificate of occupancy generally includes the property address along with a description of the specific legal use and type of property that indicates when the property is classified from a zoning perspective for residential or commercial, or industrial purposes. It makes sure the property to be used as intended.
In real estate, minor home renovations do not generally need a new certificate of occupancy. Although, there are some scenarios where a certificate of occupancy is required while it depends on specific rules and regulations. Like if you completed a significant renovation, for example, fixing up a condemned home or completing a family room where you needed to add a new bathroom- where you will likely to obtain the certificate of occupancy before you can sell it, which in addition is in need of building up front.
A certificate of occupancy is required when you intend to change the property type. Every type of residence, like the condo, multifamily, or even the single-family home, has its own records or permitting details. And owners who get the allowance to convert their property into different class needs a certificate of occupancy that indicates a change. For instance, if you are building a basement apartment that changes a single-family into a multifamily one, you will need a certificate that reflects the after-work.
Also, when it is a newly constructed property, you might need a CO as a part of the sale of any brand-new building or home.
Lastly, if a property has a new owner or occupant, like some municipalities require a new certificate of occupancy every time you sell a property or when a new tenant comes in. So, to ensure if you are following the regulations or to check with your local building or zoning authority, you will require a certificate of occupancy.
