Glossary

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Certificate of Occupancy
A certificate of occupancy verifies that a given property meets all building codes. Therefore, this certificate establishes that it is safe to live in that property. This document is important for any landlord to have before closing on a deal. Landlords need to make sure that their building is safe because their tenants could sue. Damages could exceed whatever the monthly rental income is for that building. If a landlord gets a bad reputation, he could have a hard time renting to people in the future. All tenants have a reasonable right to peace and safety in their building. If a landlord rents to a business, that business needs to know that the property is safe for the owner and for his employees. Having a certificate of occupancy gives everyone a little peace of mind.