let’s talk: CERTIFICATES OF OCCUPANCY
Today we are talking CERTIFICATES OF OCCUPANCY. This is a topic that has come up a lot with Project Philadelphia, and views have varied as to whether or not we need one. So I thought perhaps talking about it, may help some other RE investors on here as well!
SO as we do, let’s talk Real Estate, let’s talk CERTIFICATES OF OCCUPANCY…
FIRST THINGS FIRST, WHAT IS A CERTIFICATE OF OCCUPANCY?
A certificate of occupancy states 3 things:
(1) What the property is used for
(2) That the property is suitable for occupancy
(3) That the property is in line with all local and state building codes
WHEN DO I NEED A CERTIFICATE OF OCCUPANCY?
Typically when you have…
(1) New Construction
(2) Property Conversion
(3) Change of Ownership
(4) Major Renovation
BUT it is important to note that all state and local laws are different. TECHNICALLY in Philadelphia, we do not need a CO for the renovation of 1-2 family dwellings HOWEVER the city can request you get one if they think it is necessary. I am working on getting one just to be SAFE. I will keep you posted on that!
WHERE CAN I GET A CERTIFICATE OF OCCUPANCY FOR MY PROPERTY?
This is a form obtained by your local government. For us in Philadelphia, this is the Department of Licensing & Inspection.
WHAT IS REQUIRED TO OBTAIN THE CERTIFICATE OF OCCUPANCY?
Your property must pass a series of inspections including an electrical inspection, plumbing inspection, fire safety inspection, and a general building inspection. Inspections must be done by a local certified inspector.
THAT IS ALL FOR TODAY FOLKS! IT IS IMPORTANT TO KNOW AND INQUIRE ABOUT YOUR LOCAL LAW TO SEE IF A CERTIFICATE OF OCCUPANCY IS REQUIRED FOR YOUR PROPERTY! ANYONE HAVE ANY CRAZY CO STORIES TO SHARE WITH US TODAY?!
Feel free to comment on the blog post HERE and let us know what YOU think!
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