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The sale in the future state of completion
Sale in VEFA
Are you buying an "off-plan" home? The marketing of this type of good is subject to specific regulations.
You buy a new building, before it is built, or under construction. The developer undertakes to construct a building in accordance with what is provided for in the contract, and within the agreed period. You pay for the construction as the work progresses.
When the property is intended for housing or mixed professional and residential use, special regulations apply.
If a preliminary sales contract is concluded, it will be a preliminary contract, which contains the essential information relating to:
• the consistency of the building,
• the quality of the construction and the deadlines for carrying out the work,
• the consistency, location and price of the property reserved.
Mandatory information, such as the approximate surface of the property, the list of rooms of the dwelling and the date of signature of the deed of sale, must also appear. A technical note, annexed to the contract, makes it possible to establish the quality of the construction.
A security deposit, the amount of which is limited by law, is required from the buyer. It is paid into a special account.
If the buyer uses a loan, the preliminary contract contains an appropriate condition precedent.
The sale is definitively concluded by an authentic deed, at the notary's office. One month before signing, the promoter must send the draft deed to the buyer. Many information is mandatory in this contract, such as the price, the timing of the payment and its terms of revision.
Upon delivery, the buyer may deposit 5% of the price if he considers that the good does not comply with what was planned. Funds are only released if seller and buyer agree, or if a court order requires it.
You buy a new building, before it is built, or under construction. The developer undertakes to construct a building in accordance with what is provided for in the contract, and within the agreed period. You pay for the construction as the work progresses.
When the property is intended for housing or mixed professional and residential use, special regulations apply.
If a preliminary sales contract is concluded, it will be a preliminary contract, which contains the essential information relating to:
• the consistency of the building,
• the quality of the construction and the deadlines for carrying out the work,
• the consistency, location and price of the property reserved.
Mandatory information, such as the approximate surface of the property, the list of rooms of the dwelling and the date of signature of the deed of sale, must also appear. A technical note, annexed to the contract, makes it possible to establish the quality of the construction.
A security deposit, the amount of which is limited by law, is required from the buyer. It is paid into a special account.
If the buyer uses a loan, the preliminary contract contains an appropriate condition precedent.
The sale is definitively concluded by an authentic deed, at the notary's office. One month before signing, the promoter must send the draft deed to the buyer. Many information is mandatory in this contract, such as the price, the timing of the payment and its terms of revision.
Upon delivery, the buyer may deposit 5% of the price if he considers that the good does not comply with what was planned. Funds are only released if seller and buyer agree, or if a court order requires it.
Good to know
There is also the reverse VEFA. The first operation took place in 2015. It consists of the sale of non-social housing, to a private developer, by a low-rent housing organization in order to develop social diversity on new social programs.
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