How important is the certificate of occupancy to a real estate Business

[eLdavis]

In a place like Nigeria, such certificate would indeed help you ward off the community leaders and boys that would come and harass you on why you decided to start up a business there. And it gives you a legal ground to defend your self to some level.

 

[Setho]

The certificate of occupancy to so many people might look expensive but on the actual sense, it guards you against land grabbing and you will be protected.

 

[Bousine123]

In small or medium scale businesses, such documents are actually of no relevance. It's only important to big businesses occupying a property.

 

[Toyoabasi]

The certificate of occupancy (CofO) is a government issued certificate granting right of a person or Business the right to occupy that land for mostly a period of time.
Having known this, what do you think will be the importance of a certificate of occupancy to a business?

The certificate of occupancy is a document given by the government as a proof of acquisition of a land.
Once you have received the certificate of occupancy, you have full right to lay claims to your land.

 

[tyrim88]

Certificate of occupancy ( C of O) serve as a legal document claiming you as the rightful and legal owner of your building. This will ascertain that you’ve done the necessary legal steps such as tax on the building. It’ll also provide coverage for your building in case of the future act towards your building from the government. Whenever there’s a demolition done by the government or any other agency you’ve the right to be the full value of your building before demolition

That is just one good thing about having a certificate of occupancy from the government,because it gives on the title right and ownership free from litigation if any that may arise in the future.

 

[Mayox25]

In owning property certificate of occupancy is very important. It is issued by the government to legally confer ownership of a particular property to a person or business entity. It is important because it secures such property from any controversy. Also in getting loan facility with a property a property without certificate of occupancy cannot be used.