Existing Homes Have a Certificate of Occupancy. As attorneys who handle many transfers of properties and sale agreement of houses, the one thing we consistently note is that many sellers are not aware of the certificates they have to supply to the purchaser when they sell the property. When building or moving into a new home, occupational certificates are as necessary as clearance certificates. My client does not wish to obtain one. However the owner is not in a situation to get a certificate of occupation prior to the auction so the property is going to be offered as is. Is it possible to sell flat without occupance certificate (OC) Hi, I have flat in Hyderabad and it is close to 8 years old. Article by listed Attorney: Nanika Prinsloo. WHAT certificates, you ask? The building department issues the certificate of occupancy when a house or condominium is built and passes the department’s final inspection. How to Sell a Home With No Certificate of Occupancy. Purposes of a Certificate of Occupancy. CERTIFICATES REQUIRED FROM PROPERTY SELLERS. If the property for sale has a swimming or spa pool, one of the following must also be attached to the contract from 29 April 2016: a copy of a valid certificate of compliance, or; a valid occupation certificate (issued in the past 3 years) and evidence that the pool has been registered, or; a valid certificate … A CO means Certificate of Occupancy.When you receive one this means that the town/village says you're in compliance with their building codes and the dwelling is suitable for occupancy. It is not strata or house and land package. ... To calculate the capital gains at the time of selling any property purchased before 1981, its purchase price is now calculated on the basis of the fair market value of 1981. Most simply, city councils issue occupancy certificates to certify that buildings have been completed in accordance with approved building plans and all legal requirements, including clearance certificates. A Certificate of Occupancy, also known as C of O, signifies that a house meets all building codes and is safe to inhabit. Can the property be sold without an occupation certificate? It is important to mention that most existing homes already have a Certificate of Occupancy on file with the city. Some real estate property classes include retail, commercial, residential single family and multifamily properties, mixed used property… You therefore cannot legally occupy a home unless a CO exists. The CO certifies that the home has a sound structure and sufficient access to utilities to support you living there. Ultimately, the lender is at risk for default without a CO, which is why it is hard to find a lender willing to issue a loan with even a temporary Certificate of Occupancy. 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