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building permit
(redirected from Building Permits)

   Also found in: Dictionary/thesaurus, Encyclopedia 0.01 sec.
Building Permit
Permission by a local government to build a new construction or renovate an existing one. A building permit helps ensure that the construction will be safe and that it will comply with inspections (and therefore with the building code). It also helps raise revenue for the municipality, since building permits usually require a fee.

building permit

Written permission from local government to proceed with construction, substantial repair,demolition,or sign erection on real property.The permit process serves several purposes:

• Revenue generation through permitting fees
• Early identification of potential problems, such as the need for historical district approvals
• Entry of the project into a tracking system to ensure code compliance through periodic inspections
• Estimation of the anticipated cost of the project, in order to assist local government with analysis of building and development trends
• Initiation of steps that will ultimately ensure all subcontractors have business licenses and correctly report their income for the year

(Developers typically include contingencies in their purchase contracts to allow for difficulties in obtaining building permits. Especially with large projects, which require extensive plan review before issuance of a permit,the permitting process can take many months.)



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The data are still depressing for the housing market in Cyprus, with the number of building permits authorised by the municipal authorities and the district administration offices during November 2010 falling by 4.
US housing starts plunged to a near-record low in October while building permits were flat amid a depressed real-estate market, official data showed Wednesday.
This creates a hardship for developers, since they must post 50 per cent of the total development charge before building permits are issued, with the balance to be paid at the time of building permit issuance.
 
 
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