What condition is a new home in when you get the keys?

• Finished new-build
• Legal completion

New-builds are generally sold finished, and the keys come at legal completion. Buyers then report defects under the builder warranty.

Watch for: Check which appliances, floor finishes and turfing are standard and which are paid extras.

Source: Lovell, new home warranties

• Handover
• Practical completion
• Snagging

Handover usually follows construction completion, approvals and the buyer's final payment. Buyers normally inspect for defects and sign handover documents before getting the keys.

Watch for: Completion and handover are separate stages. Confirm the finish level in the sale contract, as we did not find a standard scale for it.

Source: Dubizzle, off-plan handover vs completion · Dubizzle, property handover in Dubai

• Vacant possession (VP)
• Bare unit
• Partly furnished
• Fully furnished

Vacant possession is the developer's formal handover of a completed home. "Bare" describes the fit-out and usually means no furniture, appliances or light fittings, not an unfinished shell.

Watch for: VP describes the handover event, not the finish. Sources differ on how bare a "bare unit" is, so check the contract schedule.

Source: iProperty, furnished vs unfurnished · The Edge, getting ready for vacant possession

• Black frame
• White frame
• Green frame

A three-step readiness scale. Black frame is the structure with windows and an entrance door, without utilities or finishes. White frame adds utilities, plastered walls and a rough floor screed. Green frame is the most advanced stage before move-in.

Watch for: Green frame is generally described as ready for final finishing, not a completed renovation. It varies by developer, so get the exact scope in the contract.

Source: Korter, black frame · Korter, white frame · Korter, green frame

• Novogradnja (new build)
• Construction stage

"Novogradnja" means apartments under construction or newly finished and sold for the first time by the developer. Prices often depend on the building stage at purchase.

Watch for: We did not find a reliable standard scale of finish levels. Ask for the written specification and tie payments to actual construction stages.

Source: City Expert, new developments vs resale · City Expert, buying under construction

• Core and shell
• Semi-finished
• Fully finished

Core and shell is the basic structure, with interior work left to the buyer. Semi-finished has some interior work done but is not move-in ready. Fully finished is ready to live in.

Watch for: These are market terms, not a legal standard, and "semi-finished" is used loosely. Off-plan describes when you buy, not how finished the home is.

Source: Nawy, types of finishing in real estate

• Off-plan
• Written specification

We did not find a standard national scale. Off-plan buyers rely on the finishes written into the preliminary agreement.

Watch for: Protections are not automatic. Have the specification and delivery terms drafted into the agreement before paying a deposit.

Source: Global Law Experts, off-plan vs completed in Greece

• Key ready
• Turnkey

Listing terms for a home that is finished and ready to occupy. Neither is a legal definition.

Watch for: Check exactly what the price includes, including furniture and appliances.

Source: Example Cyprus listing using "Key Ready"

• Written, authenticated contract

We did not find a standard scale of finish levels. What you receive is what your written contract with the developer says.

Watch for: Have the finish level and delivery date set out in the contract, and have the contract authenticated at the document registration office.

Source: EthiopiaRealty, what to check before buying