The handover process is a crucial final step in purchasing a property, where the developer officially transfers ownership of the apartment to the buyer. To say the least, it can be quite thrilling and stress-provoking for many at the same time. By being aware of what will happen in this process, for that reason, everything must progress accordingly. Here at Vardhman Realty, we help our clients through each process in a way that is seamless. This is a list of what you can expect during the handover process.
Before you take a formal handover, you will be called for snagging or pre-handover inspection. This is the best time when one should be able to scrutinize the property to find out whether it fits with the details of the purchase agreement signed. Generally, while inspecting for any possible problems within this structure, you should pay a lot of attention to the walls, floor, plumbing, and electrical work which may have some defects or may have been left incomplete. It is essential to be very careful when checking for any disparities because they should be corrected by the developer before you get an absolute takeover.
At Vardhman Realty, we recommend bringing along a checklist to ensure nothing is overlooked. It is also advisable to take pictures or record whatever irregularities you may observe. At the end of the process, you will be required to sign on the snag list and the developer will use this list to compile the necessary corrections or amendments.
After conducting the inspection and solving all the problems that have been pointed out, the buyer and the seller have to sort out the financial and legal issues. This comprises paying out any other balance that may be remaining in the purchase price; this may be service charges, maintenance fees, or even utility connection fees. That is why you will need to ensure that all formal documents like the title deed, NOC, and service agreements are available.
During this stage, it is advisable to seek the services of your real estate agent or lawyer to ensure that all contractual work is done accordingly. There could be challenges in any one of the last few payments or formalities to be signed and submitted, which can affect the handover timeline.
And only at the end of all the payments and compliances, the final handover can be made. This is that specific point in time at which the developer conveys to you the physical possession of the property through the provision of keys and other documents for instance the title deed. Here, you will also be given guidance on where to park your car, details on the facility such as gyms or a pool, or even the names and contact of the property management or a maintenance team.
At this stage, one has to ensure that all the facilities, services, entries, and exits are working well.
In summary, the handover process involves several key steps: A post-construction inspection, payment and paperwork, and the handing over of the completed property. Therefore, it’s important to be as informed as possible and coordinate well with your real estate agent in order that the process is as streamlined and as low-stress as possible for you as you move into your new space. At Vardhman Realty we continuously guide you and give our best to ensure that the whole process of handover goes on smoothly.
