Importance of Occupancy Certificate (OC) and Completion Certificate (CC) in Real Estate

What is an Occupancy Certificate (OC)?

An Occupancy Certificate (OC) is a document issued by the local municipal authority certifying that a building is fit for occupation. It is issued after the building has been inspected and found to comply with all applicable building codes and regulations.

What is a Completion Certificate (CC)?

A Completion Certificate (CC) is a document issued by the developer certifying that the construction of a building has been completed according to the approved plans and specifications. It is issued after the building has been inspected by the developer and found to be satisfactory.

Why are OC and CC important in real estate?

OC and CC are important in real estate for a number of reasons:

·        First, they provide evidence that the building has been constructed according to all applicable building codes and regulations. This is important for the safety of the occupants and to ensure that the building is up to code.

·        Second, OC and CC are required by most banks and financial institutions before they will approve a mortgage loan. This is because the bank wants to be sure that the building is safe and that the developer has a good track record of completing projects on time and within budget.

·        Third, OC and CC can add to the value of your property. When you sell your property, potential buyers will want to see proof that the building has been properly constructed and that it is legal to occupy.

How to get an OC and CC?

To get an OC, you will need to apply to the local municipal authority. The application process will vary depending on the municipality, but it will typically involve submitting a completed application form, paying a fee, and scheduling an inspection.

To get a CC, you will need to apply to the developer. The developer will typically inspect the building to ensure that it has been completed according to the approved plans and specifications. Once the developer is satisfied with the construction, they will issue the CC.

What to do if you don’t have an OC or CC?

If you don’t have an OC or CC for your property, you should contact the developer or the local municipal authority to find out what steps you need to take to obtain them. It is important to note that you may not be able to occupy your property until you have an OC.

Additional tips

Here are some additional tips for understanding the importance of OC and CC in real estate:

·        Before you buy a property, make sure that the developer has obtained both an OC and CC.

·        If you are buying a property from a resale market, make sure that the seller has obtained both an OC and CC.

·        If you are not sure whether a property has an OC and CC, you can contact the local municipal authority to find out.

·        If you are buying a property in a new development, you should ask the developer about their timeline for obtaining an OC and CC.

·        If you are unable to obtain an OC or CC for your property, you may need to seek legal advice.

Conclusion

OC and CC are important documents in real estate. They provide evidence that the building has been constructed according to all applicable building codes and regulations, and they are required by most banks and financial institutions before they will approve a mortgage loan. If you are buying or selling a property, it is important to make sure that the property has both an OC and CC