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A protection of interest

Ownership transfer is the last and often most challenging step for residential developers, as it runs the risk of major delays and penalties

  • Published: | Viewed: 607 | Comments: 0
  • Newspaper section: Spectrum
  • Writer: Aliwassa Pathnadabutr
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There are many challenges involved from the inception to completion of a residential project. But the last and possibly one of the most challenging steps is the transfer of ownership of the units to buyers. This process is rarely smooth and often prolonged, delaying the time when developers can finally profit from their developments. 

ILLUSTRATION: ISTOCKPHOTO/THINKSTOCK

Developers either outsource or have an in-house team to manage this tedious process. The team is usually referred to by numerous marketing terminologies, from Customer Service, to Handover, or Transfer of Ownership. Whichever name applies, the tasks essentially involve contacting all buyers and scheduling unit inspections; taking note of unit defects; conducting re-inspections with buyers and the project team of any defect rectifications; preparing all documents required for the transfer of ownership; and finally, executing the transfer of ownership. Team members will work closely with the project team on defect rectification and with the finance and legal teams for final document preparation.

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