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Lending companies cannot force a homeowner to live in a home when they have legitimate reasons or even desires to move. However, to get out of the owner-occupancy clause on a primary residence home loan, the owner should be able to prove that they had every intention of occupying the home at the time of purchase.
What is a Compliance Agreement? A Compliance Agreement is a document in a closing loan document package in which a borrower agrees to comply with requests from the lender or closing agent to correct typographical or clerical errors and inadvertent mistakes in the loan documentation after the loan has closed.
The documents that can prove occupancy are: Utility bills dated within three months before the disaster: Electric, gas, oil, trash, water/sewer bills that show the name of the applicant or the co-applicant and the address of the disaster-damaged residence.
The local authorities issue a certificate for completion (CC) after the completion of the construction of a building. Once the CC has been received, the builder also needs to obtain an occupation certificate (OC). Homeowners cannot move into a building until the builder has an occupancy certificate.
An occupancy certificate is a document that is issued by a local government agency or planning authority, upon the completion of construction of a new project. The certificate is proof that the project has been built, by adhering to the applicable building codes, relevant regulations and laws.