Definition
The process of officially transferring a completed property from the developer to the buyer. During turnover, the buyer inspects the unit, creates a punch list of defects, and signs acceptance documents. Turnover date is when you can start using the property.
Examples
- •Turnover scheduled for Q4 2025
- •Punch list items must be fixed before final acceptance
Tips & Best Practices
- ✓Bring a checklist during turnover inspection
- ✓Document all defects with photos
- ✓Don't sign acceptance until issues are resolved
Related Terms
More in Development Terms
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