Buying a property is an important decision, and can be one of the most significant investments in a person's life. Among the various options available to buyers, the sale in future state of completion (VEFA) is becoming increasingly popular. This acquisition method offers unique advantages and guarantees to buyers, while stimulating the construction market.
VEFA is a sales contract that enables a buyer to acquire a property even before its construction has been completed. Specifically, the buyer signs a contract with the property developer, committing to purchase a property that exists only on paper, or that is currently under construction. The sale is concluded off-plan, which means that the buyer can view the plans and specifications of the property, but will only be able to see it in reality once it has been completed.
To buy a VEFA home, you need to sign a reservation contract. By signing this contract, the buyer undertakes to purchase the property from the developer, and the developer undertakes to build the home. When the contract is signed, the buyer must pay a deposit. At Apromeos, the deposit is often a lump sum, and very affordable (typically 2,500 euros).
Once the reservation contract has been signed, you generally have between 2 and 3 months to find the financing you need. To finance your VEFA purchase, the first step is to contact your bank, which will ask you to fill out a loan application form. Your bank will ask you to provide a list of specific documents. Once your application has been submitted to the bank, you'll need to send the certificate of deposit to the developer. The bank accepts your file: it will ask you to complete the insurance documents and send you your loan offers, which you will then need to send to the developer and his notary in order to sign the deed of sale. You can return the offer to the bank as early as the 11th day by post (incompressible cooling-off period), dated and signed. The loan offer is often valid for 30 days.
Once the loan has been obtained, it's time to go to the notary to sign the deed of sale. A "draft deed" will be sent to you beforehand for review, together with a breakdown of the sums to be paid to validate the sale (percentage depending on the progress of the project at the time of signing).
Throughout the construction process, you will receive calls for funds in accordance with the contract schedule. These are used to pay the amount corresponding to the progress of the work, and are essential to the smooth running of the site. Calls for funds are notified to the purchaser in accordance with the terms of the contract schedule (often sent by e-mail, accompanied by a certificate from the project manager). In general, the purchaser pays around 90% of the price before the end of construction.
Housing delivery is when the developer hands over the keys to your home. Delivery takes place when the property is completed and the final payment has been made. On the day of delivery, you visit the property to check that it conforms to the plans and specifications in the contract. You can indicate any reservations you may have on the "PV de livraison" (delivery report) that will be given to you on this occasion.
Legal warranties come into play on delivery (GPA: Garantie de Parfait Achèvement). They cover the solidity of the construction and any defects for a period of ten years.
