What’s the Difference Between Completion Date and Turnover Date?
Some developers in the Philippines use COMPLETION DATE while others refer to TURNOVER DATE when identifying the end dates for their projects. What’s the difference?
In simplest terms, Completion Date refers to the estimated date in the future wherein a building or structure’s construction will be finished or completed. Turnover Date, on the other hand, refers to the estimated date or time in the future wherein the unit owner will take actual possession of the unit they purchased.
The Turnover Date can be as far back as 6 months to a year from the completion of the building. Why? The turnover period allows time for punchlisting and rectification. In punchlisting, the unit owner or their representative conducts a scheduled inspection of the unit together with the property’s turnover team. The punchlisting inspection identifies defects, hopefully cosmetic, that are then addressed by the building contractor before the unit is accepted by the unit owner.
So when planning when to end your existing lease or scheduling an interior decorator prior to moving in to your new unit, always refer to your turnover date estimate.
Erwin M. De Pedro
Co-Founder / Director for Sales & Marketing
Real Estate Broker License
PRC Reg Certificate AA017736
PRC License No. 0015841
Real Estate Appraiser License
PRC Reg Certificate AA004279
PRC License No. 0004320
Member: Philippine Association of Real Estate Boards – Quezon City Real Estate Board, Inc.