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The purpose of obtaining a certificate of occupancy is to prove that, according to the law, the house or building is in liveable condition. Generally, such a certificate is necessary to be able to occupy the structure for everyday use, as well as to be able to sign a contract to sell the space and close on a mortgage for the space.
Some home owners see their purchase as an investment and intend to sell or to rent the property after renovating or letting the house appreciate in value (known as flipping if done quickly). Due to the fact that homeowners have a financial stake in their homes, being a homeowner is an economically efficient course of action.
Housing tenure is a financial arrangement and ownership structure under which someone has the right to live in a house or apartment. The most frequent forms are tenancy, in which rent is paid by the occupant to a landlord, and owner-occupancy, where the occupant owns their own home. Mixed forms of tenure are also possible.
The definition of this type of house may vary between legal jurisdictions or statistical agencies. The definition, however, generally includes two elements: Single-family (home, house, or dwelling) means that the building is usually occupied by just one household or family and consists of just one dwelling unit or suite.
A house, building, or structure is not considered "inhabited" or "occupied" if the occupants have moved out or vacated and do not intend to return, even if the personal property was left behind. Therefore, it would no longer be considered a dwelling for legal purposes, which from a defense standpoint, would negate a conviction under this code.
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord. [1]
Any house, building, or portion thereof, which is rented, leased, let, or hired out to be occupied or is occupied, as the home or residence of more than three families living independently of one another and doing their own cooking upon the premises, or by more than two families upon a floor, so living and cooking and having a common right in ...
The term "commons," however, is also often used to mean something entirely different: "general collective ownership"—i.e. common ownership. Also, the same term is sometimes used by statists to mean government-owned property that the general public is allowed to access (public property). Law in all societies has tended to reduce the number of ...