Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
EN
In order to finalize your decision to buy a property, a reservation contract and several annexes must be signed and completed by both parties (the owner and the developer).
The documents include the reservation contract, the plans, the technical description of the property and the summary of natural and technological risks. A copy of your identity document, birth certificate and proof of address are also required.
In the reservation contract, you will need to provide the details of your financing. The procedure for obtaining financing in France is explained in a separate memo.
Following the signing of these documents by each of the parties, a withdrawal period of 10 days is granted during which you can decide to withdraw from the sale.
In order to complete and confirm your reservation, a deposit equivalent to 5% of the purchase price must be sent to the Notary. The amount deposited will be kept by the Notary until the signing of the bill of sale.
The Notary will send you the official notification of the bill of sale and a period of 30 days is generally given in order to schedule the signature.
The notification is sent when the guarantee of completion of the construction is obtained since it allows the work to begin.
An appointment will be set for the signature at the Notary, or by proxy for those who cannot go to the Notary in person.
If the signature is done by proxy, the necessary funds must be sent to the Notary in time for the signature.
As part of the off-plan contract, you pay a percentage of the price of the property in installments that correspond to the progress of the various construction phases.
You will receive a call for funds at each deadline, according to the project progress schedule.
Once the construction work is complete, you will be invited to receive the official keys to your property, accompanied by a representative of the developer.
La Sale in Future State of Completion (VEFA) allows you to acquire a new property before the end of its construction. In other words, you are buying a home “off plan” that may not have started construction yet or is in the process of being completed. This system is particularly regulated by law, thus guaranteeing maximum security for the purchaser.
It is possible to sign a VEFA contract when the construction of the property is already well advanced. Whatever the stage of construction, you are protected by legal guarantees ensuring the conformity of the home upon delivery.
Good to know : Sometimes, the construction of an off-plan property may already be started when the contract is signed, allowing you to visualize the progress of the work.
When buying a new property on an off-plan basis, notary fees are between 2% and 3% of the purchase price, much lower than those of an old property (around 7%). These costs include taxes due to the Public Treasury and local authorities, as well as mortgage fees and notary fees.
These costs are borne by the purchaser and must be paid on the day the authentic act of sale is signed.
Good to know : Compared to old real estate, off-plan notary fees are often more advantageous, with a difference of up to 4%.
Off-plan accommodations are subject to 20% VAT. However, for properties located in or near ANRU areas (less than 300 meters), a VAT reduced to 5.5% can be applied, thus offering an opportunity for substantial savings.
In addition, some municipalities grant a Exemption from property tax for the first two years following the completion of the work. However, some municipalities may choose to maintain their share of property tax, thus limiting this exemption.
Good to know : In case of resale within five years following the acquisition of a property under VEFA, the VAT exemption still applies, thanks to recent reforms.
The financing of a property under VEFA is specific, because the Payment is in installments depending on the progress of the work. The bank releases the funds according to a schedule defined by law:
The interim interest due during the various releases of funds is the responsibility of the buyer, but the main repayment of the loan generally begins upon delivery of the property.
The first step towards the acquisition of a home under VEFA is the signature of the reservation contract with the promoter. This document describes the main characteristics of the home (surface, equipment, price, etc.) and includes a deadline for finalizing the sale. A security deposit, equivalent to 5% of the price of the property, is required upon signature.
Then, the authentic act of sale will be signed at the notary, thus formalizing the transaction.
Throughout the work, the purchaser can follow the evolution of the site. Two main visits are planned: one at the time of installing the partitions, and another before delivery. These moments allow you to ensure that everything is in line with your expectations.
La personalization of housing is also possible in VEFA. For example, you can change the interior layout (moving partitions, adding electrical outlets, choosing materials for the bathroom, etc.).
By buying a new property off-plan, you benefit from several legal guarantees, including:
In addition, these homes comply with the most recent construction standards, whether they are thermal, acoustic or accessibility regulations for people with reduced mobility (PMR).
