A Certificate of Occupancy also known as C of O is a document issued by a State Government to land owners and property buyers as legitimate proof of ownerownership. This document also spell out what the land can be used for. Eg, residential, commercial or mixed development.
Benefits of Certificate of Occupancy
- Gives the named person exclusive procession of the land or property
- Prevents a situation where multiple persons lay claim to the ownership of one land or property
- Prevents government from repossession the land or property. This is however subject to the power of the government to compulsory acquisition of land.
- It is acceptable as a security or collateral for loans from banks and other financial institutions
- It is widely used to resolve land dispute that arise from ownership tussle
- It is a crucial document in mortgage transactions
Have you gotten Certificate of Occupancy for your land?