Property Handover

The handover phase, which commences as soon as the developer receives the Building Completion Certificate, is one of the most complex and challenging periods in a project’s development. During this period, the building must be inspected for defects; has been completed to the owner’s specifications; and is generally in good working order. These activities must be completed prior to the owner accepting the handover of the unit.

Arranging the necessary licensing approvals during the pre-opening stage from the relevant authorities is another significant challenge, particularly for those who are unfamiliar with the UAE’s complex regulatory environment.

It can be challenging for an investor to identify any technical faults affecting a property, especially in large-scale commercial projects, where any unforeseen delays during the pre-opening stage can lead to huge losses. TFG Asset Management takes the worry out of the process, allowing the key stakeholders to focus solely on generating returns from their investments.

Understanding the role of the Residential & Commercial Asset Manager (RCAM) and selecting an expert to manage the transfer process will minimise potential risks. Therefore, it is important that a credible and professional asset management firm is commissioned to carry out the handover and snagging and to resolve any issues encountered. The RCAM will ensure yield maximisation and value maintenance and enhancement of the asset are achieved, ultimately resulting in capital appreciation.

Property Handover and Snagging Services

TFGAM’s team of property asset managers takes the stress out of the entire handover and pre-opening process, providing a full-suite of services, including:

• Acting as a conduit between the contractor and developer;
• Conducting a full snagging inspection of the building and overseeing necessary repairs;
• Oversee the testing and commissioning of mechanical, electrical and plumbing equipment and building management systems;
• Liaise with Dubai Civil Defence and similar regulatory bodies, arranging and submitting necessary paperwork to ensure the building meets all government safety requirements;
• Civil Snagging and Defects, including inspections, official reports;
• Support in Transfer of title and liaison with relevant land and real estate authorities;
• Appoint facilities management firm and provide training as required;
• Transfer of building documents, plans, asset register and keys to appointed facilities management;
• Manage all procurement requirements and liaise with suppliers;
• Provide pre-opening housekeeping services;
• Conduct property handovers on behalf of the owner/developer in the case of residential properties;
• Appoint dedicated building managers, technicians and housekeeping teams as required;
• Advice/deployment of a suitable third-party interim community management and facility management, as required;
• Draft building rules and occupier’s handbook.

The property handover phase is a lengthy process that requires input from the developer, consultant and contractor. Technical know-how and experience is vital to executing a successful handover. Unresolved issues can weaken the relationship between the various parties and may impact the bottom line.

With TFG Asset Management’s assistance investors can be assured of a seamless handover process and thorough monitoring during the defect liability period.