What can be a potential consequence of failing to meet requirements during a "Change of Use"?

When there is a "Change of Use" in a property, it is essential to adhere to specific requirements and regulations set out by local building codes, zoning laws, and other legal standards. Failing to meet these requirements can have several significant consequences.

One potential outcome is a loss of property value. If the change does not comply with regulations, it could deter potential buyers or tenants, leading to a decreased market value of the property.

Additionally, increased insurance premiums may result from a failure to comply with local requirements. Insurers may see non-compliance as an increased risk, leading them to raise policy rates as they adjust to the potential liabilities associated with properties that are not operating within legal boundaries.

Legal penalties and fines are another severe consequence. Authorities often have enforcement mechanisms in place for violations of building codes and zoning laws. Non-compliance could lead to fines, legal action, and potentially costly renovations required to bring the property back into compliance.

Thus, the correct answer encompasses all these aspects, highlighting the multifaceted repercussions of not adhering to established requirements during a property’s "Change of Use."