The Important Fundamentals of Property Turnover Process Every New Homeowner Should Know

Summary: Before buying a new home, you may already do some research on where to get the best bang for your buck. Before acquiring the property, you need to be familiar with the processes for the turnover. Doing so allows you to prepare all the requirements to prevent delay.

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Already bought a new home? Congratulations! Remember that there are other things you need to do before you can truly call it your own. There are specific processes, and this new homeowner guide will provide you with detailed information to make the transition hassle-free and acceptable for both parties.

What is a Property Turnover?

A property turnover is a process in which the property becomes officially transferred to its rightful owner. Every property turnover procedure is paramount for the new homeowner. It’s because this is the process where he will get the title under his name.

The procedure itself differs from property to property. However, it usually follows a standard series of steps that end with signing the official documents. Some of these actions need a bit of knowledge so that you won’t miss something. Else, you’ll fail to harness the entire course.

Be a keen new homeowner and take another look at your contract before the date of the property turnover arrives. Moreover, better settle your payments early and make sure to keep all the required receipts to prevent interruption in turnover.

What to Do Before the Turnover?

Be a keen new homeowner and take another look at your contract before the date of the property turnover arrives. Moreover, better settle your payments early and make sure to keep all the required receipts to prevent interruption in turnover.

Before the actual transfer of property, check the list for new homeowners’ requirements. These are:

●     Full Payment

●     Deed of Absolute Sale

●     Unit Readiness

Making Arrangements for the Property Turnover

Generally, it takes a month for a new homeowner to get his unit upon eligibility for turnover. You’ll receive a notification from the company’s Customer Relations Representative (CRR) regarding your preferred schedule. There will be two weeks at the least for the developer to prepare the unit for your endorsement.

Turnover usually takes place from Monday to Saturday from around 9 AM to 4 PM. Every client has an allotted one hour, making sure to provide the appropriate support and information. 

During the Transfer of Property

The day of the property transfer is the best opportunity to examine the property, including other available amenities. Don’t forget to check the lighting, water fixtures, and availability of declared amenities. Additionally, this is the right time to ask their CRR any queries you may have regarding the property, the procedure, and other requirements, weeks if any.

If you couldn’t inspect the house or unit within a month from the date of notice for unit turnover, it means the buyer spontaneously accepted it. On the other hand, if the registered buyer can’t make it, his authorized representative will receive the unit on his behalf. The representative must have a legitimate notarized Special Power of Attorney (SPA).

Signing the Documents for the Transfer of Property

After thoroughly inspecting your property, it’s now time to sign the documents for property transfer. The company’s Turnover Associate will serve as your guide in signing the paperwork. At the same time, you will receive a Welcome Kit. The kit comprises the Design and Construction Guidelines, House Rules, and other guiding materials once you move in.

Conclusion

Getting yourself ready with the requirements and familiar with the procedures of property turnover saves both parties time and effort. Take note of the guidelines and everything will be fine. Congrats on your new home! 

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