Recently, one of my friends, who is a legal expert, informed me what is an occupancy affidavit. She told me that by signing an Occupancy Affidavit, a homeowner attests that the property they are financing will be their primary residence. This affidavit, or you can say certificate, assists lenders in distinguishing between loans for investment properties and primary residences.
What is an Occupancy Certificate?
It is a legally sworn document that confirms the actual use or intended use of a property, usually submitted during or after a real estate transaction.
It primarily serves to declare that the purchaser or owner will occupy the property as a primary residence, rather than using it as a rental, investment, or secondary property.
This affidavit is particularly important in home loan processes, especially when lenders offer special interest rates or terms for owner-occupied properties.
Banks or housing finance companies often require this document to ensure that the borrower is not misrepresenting the use of the property, which could otherwise result in financial or legal consequences.
In this certificate, the declarant (usually the buyer or owner) affirms that they or their family will physically reside at the said address within a stipulated period after possession.
This is all I know about occupancy affidavit.
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What is an Occupancy Affidavit?
ravi
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2025-07-25T14:43:03+00:00 2025-07-25T14:43:06+00:00Comment
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