A PC handover, more accurately termed a handover in the context of property, refers to the point at which you receive the keys to your new home, typically occurring at settlement. While often associated with a pre-settlement inspection (sometimes called a PCI or handover inspection), the official handover is when ownership and possession legally transfer.
Essentially, it’s when the builder or seller hands over the keys, signifying the completion of the sale and your official ownership of the property.
Key Aspects of the Handover Process:
- Timing: Handover typically coincides with settlement, the final stage of the property transaction.
- Key Exchange: The most symbolic part – receiving the keys.
- Legal Transfer: This is when the legal ownership transfers from the seller to you.
- Pre-Settlement Inspection (PCI): Although the handover is at settlement, a PCI is usually conducted before settlement. This inspection allows you to identify any defects or issues with the property before officially taking ownership. You walk through the property with the builder to discuss any outstanding concerns.
Purpose of the Pre-Settlement Inspection (PCI):
- Identify Defects: Spot any incomplete work, damages, or deviations from the agreed-upon specifications.
- Raise Concerns: Discuss any issues with the builder and agree on a plan for resolution.
- Ensure Completion: Confirm that all aspects of the build are satisfactory before settlement.
Important Considerations:
- Legal Advice: Seek legal advice throughout the process to protect your interests.
- Documentation: Keep meticulous records of all communication, inspections, and agreements.
- Final Inspection: Consider a final inspection after the builder addresses the issues raised during the PCI, but before settlement, to ensure satisfaction.
In summary, while a pre-settlement inspection (PCI) is an important part of the process, the handover itself formally occurs when you receive the keys to your new home at settlement, signifying the completion of the property purchase and the transfer of ownership.
