Definition
Ready-to-Move Property
A ready-to-move (or ready-possession) property is a completed home you can occupy immediately after purchase, with no construction delay risk.
You see exactly what you are buying, can move in or rent it out at once, and avoid the uncertainty of delayed possession that plagues under-construction projects. Importantly, GST is not levied on the sale of a completed property with an occupancy certificate, unlike an under-construction purchase.
The trade-offs are usually a higher price than a comparable under-construction unit and the need to pay the full amount (or arrange a loan) sooner. Buyers should still verify clear title, the occupancy and completion certificates, and that all dues and approvals are in order before registering the property.
Related terms
- Under-Construction PropertyAn under-construction property is a home still being built and not yet ready for possession, usually bought from a developer before completion.
- Property RegistrationProperty registration is the legal recording of a property transaction with the government sub-registrar, making the transfer of ownership official and legally enforceable.
- Occupancy CertificateAn occupancy certificate (OC) is a document issued by the local authority certifying that a building is complete as per approved plans and is safe and legal to occupy.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.