The words in your contract, in plain terms
Every entry starts with what the term means in one sentence, and ends with what it changes for you. Written for someone buying a unit that does not exist yet.
snag list · snagging survey
Snagging is the process of listing the defects in a newly built property so the developer fixes them before or shortly after you take the keys. A snag is anything missing, damaged or not built to specification.
pre-construction · pre-selling · off-the-plan
Buying off-plan means signing a contract and paying for a property that has not been built yet, usually in instalments tied to construction stages. You are buying a contract and a set of drawings, not a building.
stage payment · progress payment · instalment
A milestone payment is an instalment of an off-plan purchase price that becomes due when a defined construction stage is reached: foundation complete, structure complete, and so on. The contract defines both the stage and the amount.
DLP · maintenance period · warranty period
The defect liability period is the window after handover during which the developer or contractor must fix defects at their own cost. It typically runs six to twenty-four months, and far longer for structural elements.
final walkthrough · acceptance visit · vistoria
A handover inspection is the walk-through of a completed property before you sign the acceptance document and take the keys. It is the last point at which unfinished work is the developer's problem by default.
PC · substantial completion
Practical completion is the point at which a building is finished enough to be used for its intended purpose, even if minor works remain. It is a contractual milestone, not a statement that the building is perfect.
punchlist · deficiency list
A punch list is the list of items a contractor must complete or correct before a unit is considered finished. It is the North American term for what UK and Commonwealth markets call a snag list.
vistoria de imóvel · vistoria de entrega
Vistoria is the Portuguese-language term for the walkthrough of a property before handover, in which the buyer records defects and unfinished work. It is used in Portugal, Brazil and other Portuguese-speaking markets.
final walk-through · pre-closing walkthrough
A final walkthrough is the buyer's visit to a property shortly before closing, to confirm its condition has not changed and that agreed work has been done. It is a verification step, not a survey.
pre-drywall walkthrough · frame stage check
A pre-drywall inspection is a check of a building after framing, wiring and plumbing are in place but before the walls are closed up. It is the last point at which the structure and the services can be seen.
unit account · trust account
A construction escrow account holds buyers' payments under third-party control and releases them to the developer as construction stages are signed off as complete, rather than on demand.
builder warranty · structural warranty · latent defects insurance
A new home warranty is the developer's or builder's obligation to remedy defects that appear after handover, for a period set by contract or by law. Structural cover normally runs for years; cover for finishes for months.