{"id":939,"count":1,"description":"\r\n\r\nJump to: \r\nWhat is a Certificate of Occupancy (C-of-O)?<\/a>\r\nWhen is a certificate of occupancy required?<\/a>\r\n\r\nWhat is a Certificate of Occupancy (C-of-O)?\r\n\r\nThe Certificate of Occupancy is a document issued by a local government agency (such as department of buildings or a department of public works), which usually offers information regarding the following:\r\n- For what purpose the property will be used (residential, industrial, office, etc.)\r\n- That the structure is compliant with existing building regulations.\r\n- That the building is ready to be occupied.\r\n\r\n\r\n\r\n\r\n\r\nWhen is a certificate of occupancy required?\r\n\r\nSome of the situations in which a Certificate of Occupancy may be required are as follows:\r\n- For a newly-developed property;\r\n- If there is a change in the way the building is being used. For instance, if an office building is converted into a residential building, a new certificate of occupancy will have to be issued;\r\n- When a structure is partially demolished and redeveloped;\r\n- When the ownership or tenants of the building change.\r\n\r\nC-of-O is also vital in the process of obtaining a mortgage for a property. The lender will decline any financing unless the owner of a building has at least a Temporary Certificate of Occupancy. In New York, a temporary certificate of occupancy is typically issued with a 90-day validity, for buildings that still need some work done, but are safe to inhabit. However, given the compulsory nature of a Certificate of Occupancy, the city can ask for the premises to be vacated at any time, if the owner holds only a Temporary Certificate of Occupancy. \r\n\r\n\r\n\r\n\r\n\r\nYou might also be interested in:\r\n\r\nWhat is the difference between void and voidable?<\/a>\r\nWhat is the Principle of Progression?<\/a>\r\nWhat is the Principle of Regression?<\/a>\r\n\r\n\r\n\r\n\r\n\r\n\r\nSearch other terms\r\n\r\n\r\nA<\/a>\r\nB<\/a>\r\nC<\/a>\r\nD<\/a>\r\n\r\n\r\nE<\/a>\r\nF<\/a>\r\nG<\/a>\r\nH<\/a>\r\n\r\n\r\nI<\/a>\r\nJ<\/a>\r\nK<\/a>\r\nL<\/a>\r\n\r\n\r\nM<\/a>\r\nN<\/a>\r\nO<\/a>\r\nP<\/a>\r\n\r\n\r\nQ<\/a>\r\nR<\/a>\r\nS<\/a>\r\nT<\/a>\r\n\r\n\r\nU<\/a>\r\nV<\/a>\r\nW<\/a>\r\nX<\/a>\r\n\r\n\r\nY<\/a>\r\nZ<\/a>\r\n\r\n\r\n\r\n\r\n\r\nPopular terms\r\n\r\n\r\n\r\n\r\nAmortization<\/a>\r\n\r\n\r\nEquity <\/a>\r\n\r\n\r\nNotary Public <\/a>\r\n\r\n\r\nProgression\/Regression<\/a>\r\n\r\n\r\nAcquisition <\/a>\r\n\r\n\r\nAnnuity <\/a>\r\n\r\n\r\nAsset <\/a>\r\n \r\n \r\n Fiduciary <\/a>\r\n\r\n \r\n Inflation <\/a>\r\n\r\n \r\n Contingency <\/a>\r\n\r\n \r\n Escrow<\/a>\r\n\r\n \r\n Power of attorney <\/a>\r\n\r\n \r\n Real Estate Agent <\/a>\r\n\r\n \r\n Eminent Domain <\/a>\r\n\r\n \r\n Liability <\/a>\r\n\r\n \r\n Statute of Limitations<\/a>\r\n\r\n \r\n Valid <\/a>\r\n\r\n \r\n Variance<\/a>\r\n\r\n \r\n Contiguous <\/a>\r\n\r\n \r\n Deficit<\/a>\r\n\r\n\r\n\r\n\r\n","link":"https:\/\/www.commercialcafe.com\/blog\/tag\/cre-term-certificate-of-occupancy\/","name":"Certificate of Occupancy (CO)","slug":"cre-term-certificate-of-occupancy","taxonomy":"post_tag","meta":[],"yoast_head":"\nWhat is Certificate Of Occupancy (C-of-O)? - Commercial Real Estate Dictionary<\/title>\n<meta name=\"description\" content=\"C-of-O is vital in the process of obtaining a mortgage for a property. 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