When buying off-the-plan not much can happen in the way of settlement until the vendor has received a certificate of occupancy. Your property must pass a series of inspections. These inspections may include a variety of reviews such as a fire safety check, an electrical or plumbing inspection and any other general building inspections
What is required for a certificate of occupancy?
In order to obtain a certificate of occupancy, your property must pass a series of inspections. These inspections may include a variety of reviews such as a fire safety check, an electrical or plumbing inspection and any other general building inspections.
Can you settle your property purchase without a certificate of occupancy?
Most people require some form of finance when settling a property. A bank will not settle a home mortgage without a certificate of occupancy. Banks are often quite rigorous to addressing off-the-plan purchases.
How long does an occupancy certificate take?
This can vary depending on how much building activity is being lodged at the same time. Generally an occupancy certificate is issued within 30 days of applying for it, unless there is a problem with the property.
What else should I know?
Once you have the certificate of occupancy it also establishes the start date for the builders’ warranty. They are only issued when the building work is complete.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
May 2020
