The term Possession means owning something or taking control of something. In real estate terms, this term means we get the sole or whole ownership of the property. As in most cases, the real estate developer would buy a huge land parcel divide it into favourable sizes and offer plenty of amenities in the premises. Basically, the developer makes it a suitable place for dwelling. At this stage, the whole control of the units come to the buyer or investor from the property developer.
The possession dates are always negotiated between the buyer and seller. If there is any delay in handing over the property the builders could always have a formal discussion about the same with the buyer. And at the same time if the buyer is running short of funds or be it any reason could discuss the builder and revise the possession dates. The possession date is classified as follows
This type of possession is possible only when the house is vacant and complete. At these stages, the buyer can own the property at the earliest as the legal documents are in place. The only task in this stage is to validate and verify the legal documents. Once it’s been done the property is all set to be occupied by the buyer.
This is the possession phase that happens within 15 days. In those 15 days, the documentation is precisely done and we could get sufficient time to validate it.
This is the very common timeline provided generally when the unit is occupied by any. During this time they can well plan in advance and shift to the respective places.
This time frame is executed when the buyer and seller negotiate between 30 and 60 days. One could avail the dates to make it convenient for both sides.
This is yet another common time frame in Possession. If it’s occupied by someone they would get enough time to search for another property and move out conveniently.
This type of 90 days possession is followed when the seller has a tenant living in the property. As per law, the tenant has the right to avail of a 3 month notice period prior to vacating.
It is advisable to not have the possession dates on any holidays or weekends or non-working days of banks and lawyer offices. Because these would unnecessarily delay the process of money transactions or documentation.
In general terms, these possession dates play a vital role in the real estate market. Though these dates could be negotiated. There is a cost factor involved in this type of negotiation as time is precious and time is money.
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