Possession in real estate terms owns the property entirely. However, we pay part payments and register the property—handover matters. During the handovers only, we get complete control of the property. Generally, it takes a couple of weeks or months for the new owner to take possession of the property.
These dates are negotiable between the buyer and seller. The seller would confirm a date when he could move out of the property. In a few cases, it is navigable by offering a higher price to the seller to make it feel worthier to move early. The possession date is classified as follows.
Immediate possession happens obviously when the property is empty. Thus the buyer can occupy the property at the earliest once the legal documentation is over.
In this type, none of them needs to move out. The only criteria are understanding and processing the legal and property records correctly. After this, the buyer can shift to the property.
This type of handover also happens when the property is typically vacant. And the 15 days is to do all the documentation with no urge.
Thirty days is the most common timeframes for anyone to vacate their house and relocate elsewhere. It gives ample time for the respective families to move out without any miss.
Though the soft launch projects are safer, buying a project is always safe once the RERA number is received.
These 45 days of possession happen when there is a negotiation between the seller claiming 60days and the buyer claiming 30 days. Thus this 45 days is derived and agreed by both the parties.
The 60 days possession time is also a common one in the market. For any seller, two months is ample time to shift and do the documentation.
Ninety days of possession, the seller wants to find a new place and relocate there. The tenants legally have three months notice period to vacate the property.
We should make sure that the possession dates do not fall on holidays, weekends or during times when banks or lawyer's offices are closed. If we choose the above dates, there would be trouble regarding transferring funds or the documentation process.
These dates are necessary and most vital when someone buys or sells the property. Though we can negotiate the dates, time is always involved as time is money.
Mahindra Eden prelaunch apartment at Kanakapura Road, South Bangalore.
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