Buy your property off plan: the purchase in VEFA.

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In the context of a real estate project in the new, the purchase of apartment in VEFA represents a large part of the sales of new apartments, about 90%. This is less the case for new homes, whose share is 20%.
What is the purchase in VEFA ? The agents of MY HOME TOULOUSE present you the specificity of the purchase on plan.

What is buying in VEFA ?

The acronym VEFA refers to " sale in the future completion state", that is to say, the sale of a new dwelling, house or apartment, the construction of which is still unfinished. This type of acquisition is regulated by law.
Indeed, buying in VEFA takes place in four stages :

Signature of the reservation contract
Getting the financing
Signature of the authentic deed of sale at the Notary
Possession of the dwelling

We will detail all these steps to better understand the purchase on plan in VEFA.

First step : the signing of the reservation contract

This preliminary step makes it possible to block the property that interests a buyer. In other words, the developer can no longer sell the reserved property to another potential buyer.
This reservation contract must mention several mandatory elements such as the contact details of both parties, the number of rooms and the total surface of the property, its location in the building or subdivision ; if it is a house, its price, ...
To know the details of the mandatory information, we invite you to consult the public service that presents the content of the reservation contract. The promoter will require a security deposit of up to 5% of the value of the property, if the deed of sale is signed within 1 year.
This contract will be sent to you by registered mail. Therefore, the withdrawal period is 10 days. Once formally committed to the deed of purchase, you must obtain the financing necessary for the acquisition of the property.

Step Two : Get The Funding

The search for financing can be carried out before the search for the property in order to first know your borrowing capacity, but also to know if you are eligible for the zero rate loan (PTZ), allowing you to finance your home in VEFA up to 40%. To benefit from the PTZ, the purchased home must become your main residence.
As part of the purchase of a new property in VEFA, you must apply for financing within 15 days. Then you must obtain the loan offer, within a period of at least one month in accordance with Article L. 312-16 of the Consumer Code. Once accepted, the lender sends a copy of the offer to the notary who is in charge of drafting the deed of sale.

Third step : the signing at the notary of the deed of sale

It is at this moment that the buyer becomes the owner of the future home. You should know that the final sales contract is sent one month before the scheduled date of signature. This gives the buyer time to consult it in full and check if all the points are mentioned, and that it refers to the reserved accommodation.
The sales contract also provides for a provisional schedule of calls for funds according to the progress of the work, and legal calls for funds. It is also during this signature, that the first contribution is taken.

What you need to know about the different calls for funds

Payments are regulated by step. Indeed, the price of your acquisition as part of a VEFA, is payable in step according to the following distribution:

5% on booking (or 2% depending on the date of signature of the sales contract) on an escrow account
30% upon completion of foundations
15% with high walls of the ground floor
10% high walls of the 2nd floor
10% when out of water
15% upon completion of partitions
10% upon completion of construction
5% at the disposal of the premises

To recap you will have paid 35% at the completion of the foundations, then 95% at the completion of the work, and finally 100% on delivery.

Fourth step : handing over the keys and taking possession of the property

Before the delivery of the property, the promoter draws up a report of receipt while the purchaser will check that everything is in conformity in all points. This is a painstaking step for new owners.
The purchase of a new property in VEFA is secure ! It offers different guarantees. Note that as a buyer, if malfunctions occur during the first year of residence, you can activate the guarantee of perfect completion. If equipment is defective, the biennial guarantee protects you, and in case of damage that calls into question the solidity of the building, the ten-year guarantee covers you. We invite you to consult our article on guarantees in a new home

Posted on 01/05/2024 by
Nicolas MOULIGNER

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