Possession
Handover
The physical transfer of a finished unit to the buyer: inspection, snag list, key handover, documents and meter transfers.
Also called: unit handover, key handover
Handover is the practical side of possession. The buyer inspects the flat, lists defects, receives keys, manuals and warranty documents, and signs a possession letter. Utility meters and property tax records are transferred.
A handover checklist per unit, with photos and signatures, protects both sides. It starts the five-year defect liability period under RERA, so keep the date accurately.