Glossary ยท H
Handover (Possession)
The formal transfer of a completed property, with its keys and legal rights, from the developer to the buyer.
What is Handover (Possession)?
Handover, also called possession, is the formal step in which a builder transfers the keys and legal rights of a completed, certified apartment or building to the buyer, usually after the Occupancy Certificate (OC) is issued by the authorities. It ends the construction phase of a project.
Practical example
Under RERA guidelines, a developer has committed to hand over an apartment by December 2025. After finishing construction and clearing the final punch list (snags), the developer invites the buyer for a walkthrough. The buyer pays the remaining 5%, signs the Possession Letter and receives the keys.
In SuperWise
In SuperWise the snags found at the final walkthrough are logged as issues, each with a responsible person, a target closure date and a status that runs from open to closed. The As Built drawings and other handover papers are stored as project documents, and As Built is one of the document purposes.
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