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Certificate of OccupancyDocument issued by a local governmental agency that states a property meets the local building standards for occupancy and is in compliance with public health and building codes. This document is normally required by a lender prior to closing the loan. |
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Related Mortgage Definitions: Interim Financing Interim Financing A construction loan made during completion of a building or a project. A permanent loan usually replaces this loan after completion. Interim loans are used to bridge the gap between the construction loan and the permanent loan (hence bridge loans) ... more... Depreciation Depreciation Decline in the value of a house due to wear and tear, obsolescence, adverse changes in the neighborhood, or any other reason. Depreciation is treated as an expense and is a line item on an income statement. Depreciation can only be applied to the building and not ... more... Bridge Loan Bridge Loan A bridge loan is a short-term loan, usually a second mortgage, run for 6 month but may be taken taken out for a period of 2 weeks to 3 years. The borrower's current home (which is usually "for sale") is ... more... Certificate of Occupancy Certificate of Occupancy Document issued by a local governmental agency that states a property meets the local building standards for occupancy and is in compliance with public health and building codes. This document is normally required ... more... |
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