what is oc in real estate

what is oc in real estate

1 year ago 42
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In real estate, OC stands for Occupancy Certificate, which is a legal document issued by local authorities certifying that a building is fit for occupation and has been constructed as per the approved plan and in compliance with local laws. An OC signifies a propertys readiness for occupancy and confirms that the building meets essential civic requirements such as sanitation, water, and safety guidelines. It is a crucial document that is required for a developer to obtain before the building is ready for possession by the buyers. An OC is necessary to cement the legal status of the property, and in the absence of a valid OC, the local municipal body has the right to initiate legal action because without an OC, a project is deemed an unauthorized structure. Homeowners require an OC when applying for a home loan, purchasing a resale property, or selling their property. An OC is also required when applying for water, sanitation, and power connections. Without an OC, buyers can be evicted, and in worst-case scenarios, even be deprived of civic amenities like water and electricity. Therefore, it is essential for buyers to ensure that the OC is in place to secure their rights over their property.

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