Handover

Handover, or the transfer of a building, is a key moment in the leasing and real estate transaction process when control of a property or specific premises is officially transferred to the tenant. This process involves checking the condition of the premises, ensuring that everything is as agreed and handing over the keys or access codes to the tenant. Handover also usually marks the formal start of the lease term, from which the rent begins to run and the tenant gains the right to use the leased premises for its purposes and full operation.

As part of the handover, a handover report should be signed, recording any defects or deficiencies that need to be rectified within specific time limits. This process is important for both parties as it establishes the basic condition of the property at the start of the tenancy, which can prevent future misunderstandings or disputes over the condition and maintenance of the property.