Handover
Handover is the point at which a finished off-plan home passes from the developer to the buyer, once the final instalment and handover fees are paid.
What Handover means for a buyer
Handover is the end of the off-plan process. The building receives its completion certificate, the developer sends you a handover notice, you inspect the unit, settle what is owed and collect the keys.
The sequence usually runs as follows:
- Pay the final instalment under the payment plan, unless part is deferred under a post-handover plan.
- Pay the handover costs: typically service charges in advance, the title deed issuance fee and utility deposits for DEWA and any district cooling.
- Carry out snagging and agree a list of defects for the developer to fix.
- Sign the handover documents and take possession. Risk in the unit, and liability for service charges, pass to you.
The handover date in the SPA is an anticipated date, not a promise. Contracts allow the developer extra time, and delays of months are common across the market; where sources quote different dates for a project, treat the developer's latest statement as the working one and plan your finances with a margin.
If you are buying with a mortgage, the bank releases funds at this stage, so the loan must be fully approved before the notice period runs out. Overseas buyers who cannot attend can appoint someone under a power of attorney. The defects liability period starts to run from handover.
Guides that use this term
Where Handover comes up in practice, with the costs, rules and steps around it.
Questions about the buying process?
An adviser can explain how this applies to the property you're considering.
- Current price list and availability, direct from the developer
- No fee to you on off-plan purchases: the developer pays us
- One salaried adviser, not on commission, from first call to handover
